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Acacia Coal releases interim financial results

Published by
World Coal,

Acacia Coal Ltd has released its interim financial report for the half year ending 31 December 2016.

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


  • 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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