Wednesday, Rambler Metals and Mining Plc (RAB.V, RMM.L), an exploration and mining company, reported a wider loss for the first quarter, primarily due to higher administration expenses.
Loss before tax for the first quarter widened to GBP 212.5 thousand from GBP 135.3 thousand in the comparable period last year. Net loss for the period was GBP 212.5 thousand or 0.36 pence per share, up from GBP 135.3 thousand or 0.27 pence per share.
Operating loss for the quarter widened to GBP 233.2 thousand from a loss of GBP 188.4 thousand last year.
Administrative expenses was up to GBP 233.2 thousand from GBP 188.4 thousand, with administrative staff costs increasing GBP 59.7 thousand to GBP 156.0 thousand. The expenses also include GBP 23.6 thousand related to share-based payment charge.
Interest receivable for the period declined to GBP 20.6 thousand from GBP 37.1 thousand last year. Bank interest receivable for the quarter was down to GBP 29.2 thousand from GBP 64.7 thousand, while finance lease interest payable narrowed to GBP 8.6 thousand from GBP 11.6 thousand.
George Ogilvie, chief executive officer, said that despite the difficult financial climate Rambler has continued to meet all its targets on time and within budget. He also said that the company feels strong about its future prospects in the coming year.
Looking ahead, the company said that it would continue to pursue an aggressive exploration programme, while continuing to delineate near term high-grade underground resources.
RMM.L is up 0.45 pence, trading at 7.20 pence on the London Stock Exchange.
RAB.V closed Tuesday at C$0.15, on the CDNX.
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