Mast Energy Developments PLC on Friday said its interim loss widened on higher costs, while revenue fell.

In the six months ended June 30, pretax loss for the London-based reserve power generation plant operator widened to £773,750 from £681,614 a year prior.

Mast Energy cited a 54% increase in administrative expenses to £472,611 due to ‘increased professional, legal, management and consulting services’, as well as a 34% decrease in project expenditure to £224,667.

Revenue fell by 35% to £198,438 from £305,384 the year before.

Mast Energy did not declare an interim dividend, unchanged from a year prior.

Looking ahead, the firm expects to raise funds to support its ‘ongoing development and commercialisation of activities.’

Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK, noted its subsidiary Mast Energy’s results.

Shares in Mast Energy fell 0.7% to 1.40 pence each in London on Friday morning, while Kibo shares were up 2.3% at 0.059 pence each.

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