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
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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