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Energy company Edenville Energy reported narrower losses as lower costs offset weaker revenue following a Tanzania-wide lockdown that halted operations at Rukwa in Tanzania in the second quarter of the year.
For the six months ended 30 June 2020, pre-tax losses narrowed to £626,398 from £888,045 year-on-year as revenue fell to £16,003 from £151,140.
The company reported cost of sales of £227,350 down from £476,352 while administrative expenses slipped to £292,862 from £483,112.
In the third quarter, the company resumed mining, processing and sales of coal from Rukwa.
The company also completed three related agreements with its strategic partner ILTL, designed to address mining, sales and the Company's capital position.
'These three agreements form a new business model which we expect to improve the fortunes of the company by freeing up the capital need for operations,' the company said.
'[The] proposed hand over of day to day operations to ILTL under the conditions of the coal mining agreement [was] expected during November 2020,' it added.
At 8:17am: (LON:EDL) Edenville Energy PLC share price was 0p at 0.04p