Oracle Power PLC on Monday said its loss nearly doubled in the first half as costs rise.

Oracle Power shares fell 10% to 0.074 each on Monday morning in London.

The Western Australia and Pakistan-focused energy projects developer posted a pretax loss of £613,773 in the first half of 2023, widening from £356,295 the year prior.

It noted that the increase in loss was a result of an increase in costs by £257,478. This was due to foreign exchange losses and an adjustment in how it accounts for associate company investment, the firm said.

The company noted that it is focused on project development and therefore does not produce revenue.

Looking forward, Oracle Power said it is ‘determined’ to generate value from its investments, and has launched a renewables project at its coal block in Thar.

Chief Executive Naheed Memon said: ‘The last six months have taken us further forward in terms of progressing our strategic vision and project developments and we are committed to continuing this progress going forward.’

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