Business
Interim results for the 6 mon
Interim results for the 6 mon.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n RNS Number : 6840I GCM Resources PLC 17 March 2010 \n \n\nGCM Resources plc \n(AIM:GCM)\n17th March 2010\nInterim Results for the six months ended 31 December 2009\n· The Bangladesh Government has consulted widely during the last nine months, and a consensus has developed within both the Government and the country as a whole that coal resources have a key role to play in meeting the country's energy needs and that open cut mining is an appropriate method for their extraction. GCM has facilitated Ministerial visits to a coal mine in Cologne, Germany, to demonstrate that the environmental and social impacts of modern-day coal mining can be effectively minimised and managed.\n \n· The Bangladesh Government is actively encouraging the development of a coal based power sector. The State owned Power Development Board has recently formed a joint venture for the development of coal fired power stations in Bangladesh. \n \n· GCM continues to work with the Government of Bangladesh and other stakeholders and remains ready to move the Phulbari Project forward when the Government approves the Scheme of Development. Discussions with the Government, which are now covering the detail of the Project and its implementation, are progressing well.\n \n· The Group made a loss of £350,000 after tax for the six months ended 31 December 2009 (31 December 2008: £5,249,000). During the period GCM disposed of its investment in Regent Pacific Group for proceeds of £1,217,000 resulting in an accounting profit of £297,000 before tax. The loss for the comparative period includes an impairment charge of £5,182,000 before tax, predominantly in relation to the investment in Regent Pacific Group which has since been sold.\n \n· As at 15 March 2010 GCM has £30.8 million in cash and listed equity investments, equivalent to 60p per share.\nThe full unaudited interim financial report is presented on the following pages.\n \nFor further information:\n\n\n\n\nGCM Resources plc\nSteve Bywater \nChief Executive \n +44 (0) 20 7290 1630\n \nGraham Taggart\nFinance Director\n+44 (0) 20 7290 1630\n \n\n\nPelham Bell Pottinger\nCharles ...