Aquila’s full year net loss widens

Miner Aquila Resources states its widened full year net loss is due to expenditure at its early stage projects.

The net loss for the 12 months to June 30 was $33.07 million, a widening of its $26.16 million net loss for the previous financial year.

Aquila stated the result reflected its continued significant investment in exploration and feasibility activities across its portfolio of coal, iron ore and manganese projects.

The company spent $60.2 million on exploration and evaluation activities in 2009/10, down from $64 million previously.

Revenue from coal sales jumped to $129.8 million, from $91.8 million, after record sales of 2.47 million tonnes of coal from its Isaac Plains mine in Queensland, up from 1.27Mt.

However, average sales prices were affected by a reduction in demand for PCI (pulverised coal injection) coal due to the global financial crisis, causing a greater than anticipated proportion of sales being for less lucrative thermal coal products, Aquila stated in a statement.

Shares in Aquila were six cents lower at $8.86.

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Submited at Wednesday, September 8th, 2010 at 10:00 pm on Business by steve
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