LONDON (Alliance News) - Thalassa Holdings Ltd on Wednesday said that its annual loss widened significantly due to higher cost of sales and administrative costs.
For 2018, the surveying services company posted pretax loss of USD6.5 million compared to USD2.5 million the year prior.
Administrative costs surged to USD4.4 million from USD1.5 million while sale costs were also higher at USD105,839 from USD34,643.
The company generated maiden revenue of USD3,188 during the year.
Furthermore, the company said it agreed terms with Local Shopping REIT PLC to acquire the remaining stake it does not hold in the company.
Thalassa currently holds 21.0 million Local Shopping REIT shares, representing a 25.5% stake.
The firm offered 14.64 pence per Local Shopping share plus 0.26 Thalassa "Consideration Shares", valuing the firm at GBP9.0 million in cash and 16.0 million consideration shares.
Thalassa shares were trading up 1.4% at 71.00 pence each.