LONDON (Alliance News) - Erris Resources PLC on Thursday sunk to a loss due to the costs of its initial public offering, as it currently not producing minerals to generate income.
The mineral exploration company reported its first full-year results for fifteen months to the end of 2017. It started trading on AIM on December 21, after raising GBP4.0 million.
Erris shares were untraded at 16.25 pence on Thursday.
Erris Resources posted a pretax loss of EUR557,000 compared with the EUR491,000 profit it made in 12 months to the end of September 2016. This was due to the costs related to the IPO in the period, the company said.
The firm also sold its projects in Ireland and Sweden, which had generated around EUR500,000 revenue. Currently, Erris Resources is at an exploration stage and not producing minerals, which would deliver income.
The company posted EUR112,000 revenue from management fees on committed expenditures, up from EUR22,000 it received in 2016.
Erris Resources Non-Executive Chairman Jeremy Martin said: "As we come to the end of the first quarter and look ahead to the rest of 2018, Erris Resources is in a strong position. We have three active exploration programmes underway and are reviewing several new opportunities. As a result, we expect to generate a steady news flow during the remainder of the year."
