Business
Interim Results for 6 months
Interim Results for 6 months.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n RNS Number : 6330O GCM Resources PLC 11 March 2009 \n \nGCM Resources plc \n(AIM:GCM)\n11th March 2009\nInterim Results for the Six Months ended 31 December 2008\n\nGCM Resources plc ('GCM') is primarily focused on, and remains committed to, the Phulbari Coal Project, the development of which is awaiting approval from the Government of Bangladesh. GCM also seeks opportunities to invest in other energy related projects around the world.\n\n\nKey Developments \n\n\nElections, which were held in Bangladesh on 29 December 2008, returned a government with an overwhelming majority and which publicly recognises the importance of energy security to the future development of Bangladesh. GCM continues to work with the Government of Bangladesh to move the Phulbari Coal Project forward.\n\n\n\n\n\nGCM acquired a 4% interest in Polo Resources Limited and increased its equity interest in Aura Energy Limited from 13% to 18.5%.\n\n\n\n\n\nIn line with equity markets, and in particular junior mining and exploration companies, the market price of GCM's listed equity investments fell significantly. However, overall the current market valuation of GCM's investments exceeds the cash invested. GCM held £3,543,000 in cash and £11,706,000 in listed equity investments as at 31 December 2008.\n\n\n\n\nResults\nThe Group made a loss of £5,249,000 after tax for the six months to 31 December 2008 (December 2007: profit of £1,472,000). An impairment charge of £5,182,000 has been incurred, predominantly in relation to impairment of the Group's listed equity investments. The profit for the 2007 comparative period includes £2,486,000 book profit on the deemed disposal of GCM's investment in CCEC Ltd on its takeover by Regent Pacific Group Limited. \n\nExploration and evaluation expenditure relating to the Phulbari Coal Project was £1,539,000 for the six months to 31 December 2008 (December 2007: £940,000).\n\nThe full unaudited interim financial report is presented on the following pages.\n\nFor further information contact:\n\nGCM Resources plc: Pelham Public Relations:\nSteve Bywater  ...