Business
Preliminary Results for year
Preliminary Results for year.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n RNS Number : 4611T GCM Resources PLC 29 September 2010 \n \n\nGCM Resources plc \n(AIM:GCM)\n29th September 2010\n \nPreliminary Results for the twelve months ended 30 June 2010\n \n· GCM Resources plc (GCM) remains fully committed to the Phulbari Coal Project (the Project) in Bangladesh. We continue to believe that it can provide the fastest, lowest risk and most reliable means of delivering the commercial energy required to bring a step-change in electricity availability for the people of Bangladesh.\n \n· The energy crisis in Bangladesh continues to worsen, highlighting the need for a significant increase in electricity generating capacity. Load shedding has been averaging 8 to 12 hours per day and power shortages continue to adversely affect industry, business and daily life. The existing generating capacity is being augmented by temporary rental diesel and heavy fuel oil powered generators although progress towards a targeted rental capacity of 1,300 MW is very slow.\n \n· To deliver longer term solutions, the energy budget has been increased by over 40% and the Government has prioritised the development of new power plants. In December 2009 and January 2010 the Government hosted road-shows in London, New York and Singapore, and another in Dhaka in May 2010 to attract external investment into the Bangladesh energy sector. In February 2010 a joint venture was signed with an Indian state owned power company to carry out a feasibility study for a 1,300 MW coal fired power station at Khulna, in southern Bangladesh.\n \n· GCM's discussions with the Government have moved onto the detail of Project implementation and continue to progress. GCM remains ready to move the Project forward when it receives approval for its Scheme of Development. \n \n· As at 30 June 2010 GCM held cash of £0.9 million and listed equity investments of £21.8 million (June 2009: cash £1.4 million, listed investments £20.2 million). On 27 August 2010 GCM received a dividend from Polo Resources Limited of £2.2 million.\n \n· The Group made a loss of £3.2 million after tax for the year to...