Acacia Coal releases interim financial results

During the HY, Acacia Coal entered into a sale and purchase agreement with Coalvent Ltd to acquired a 74% interest in Riversdale Anthracite Collieries Property Ltd (RAC), with African Onca to acquire the remaining 26%. Previous drilling has demonstrated RAC as a high grade, low impurity anthracite asset.

The company’s consolidated statement of comprehensive income for the half year ended 31 December 2016 was as follows:

Revenue from continuing operations

• Interest received: US$11 116

Expenses

• Depreciation expense: -
• Directors’ fees: US$53 653
• Employee benefits expenses: US$28 238
• Equity settled transactions: US$130 044
• Impairment of captilised exploration expenditure: US$29 817
• Provision for RAC due diligence costs: US$359 488
• Other expenses from ordinary activities: US$123 403
• Loss from continuing operations before income tax expense: US$713 527
• Income tax expense: -
• Loss from continuing operations before other income: US$713 527

Other comprehensive income

• Surplus/(loss) arising from foreign exchange: -
Total comprehensive income: US$713 527

Earnings per share for profit (loss) from continuing operations attributable to the ordinary equity holders of the company

• Basic and diluted loss per share (cents per share): US$0.07

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Read the article online at: https://www.worldcoal.com/coal/14032017/acacia-coal-releases-interim-financial-results/