Future Metals annual loss narrows as expenses ease and cash rises
Future Metals NL on Friday reported a narrower annual loss as lower expenses and higher cash reserves offset a dip in income, while the company strengthened its balance sheet with new share issues.
The exploration company, focused on projects in Western Australia, said its pretax loss for the year ended June 30 narrowed to $2.4 million from $3.9 million the year before.
Revenue came mainly from other income of $219,622, up sharply from $49,673, while interest received fell to $12,161 from $28,720.
Employee and director costs nearly halved to $333,295 from $801,495, while exploration expenditure eased to $1.3 million from $1.5 million.
Future Metals ended the year with cash and cash equivalents of $3.9 million, up from $2.3 million a year before, following a $3.9 million capital raise. Net assets grew to $21.2 million from $19.8 million.
Accumulated losses widened to $25.9 million from $23.4 million. Basic and diluted loss per share improved to 0.40 cents from 0.91 cents.
Shares in Future Metals were down 0.4% at 1.42 pence each in London on Friday morning.
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