Borders & Southern Petroleum reports a loss from operations of $934,000 for the six month period ending 30 June, down slightly from the corresponding period last year ($964,000). This reflects lower administrative expenses.
Finance income totalled $20,000 against $154,000 and finance expense of $193,000 (2015: nil) resulted in pre-tax losses rising to $1.1m from $810,000. The company has no debt and has a cash balance of $12.2m. The majority of the company's cash reserves are held in sterling to match its ongoing expenses. Due to the recent fall in the pound relative to the US dollar, the reported cash balance is lower than might have been anticipated. Expenditure however, has decreased during the period.
(LON:BOR) Borders Southern Petroleum PLC share price was 0p at 1.9p