Amedeo Resources' revenue decreased to US$56,000 in the six months to the end of June (2015: US$65,000) due to a fall in sterling against the US dollar.
Administrative costs were US$299,000 (2015: US$248,000). The increase was primarily due to the under accrual of audit fees in the prior period. Allowing for this, administrative costs were in line with the prior period.
Amedeo's share of losses in associates was US$2,000 (prior period: US$582,000). This was made up of a profit of US$13,000 (2015: loss of US$518,000) at YZJ JV and a loss of US$15,000 (2015: US$64,000) at MGR.
Foreign exchange losses amount to US$267,000 (2015: Gains US$4,000). These were predominately due to translating GBP denominated loans into US$ and translating GBP bank balances at the period end exchange rate. This is a non-cash item.
Finance income decreased to US$10,000 (2015: US$165,000) due to MGR repaying a loan of £1,200,000 to Amedeo. Overall loss on ordinary activities before taxation was reduced to US$613,000 (2015: US$683,000). Basic and fully diluted loss per share for the period was US$1.83 (2015: US$2.09).
At 4:10pm: (LON:AMED) Amedeo Resources share price was -0.25p at 12.75p