Ovoca Resources, listed on the ISEQ's Exploration Securities Market, today said its pre-tax losses widened for the six months to August 31 2002. The losses were put down to administration costs.
Pre-tax losses for the six months came in 7.34% higher at €57,607, up from €53,666 in the year-earlier period. Administration expenses rose to €60,830 from €55,129, a rise of over 10%, and investment income rose to €3,223 from €1,463. The company said it will not pay a dividend.
Ovoca says its joint venture with Amcorp over properties at Cahir and Galway/Roscommon continued during the year, but the Galway/Roscommon sites did not produce zinc.
Drilling results on the Cahir are still being interpreted. Ovoca says exploration on its West Limerick property is continuing.
The company says work on its Optimum joint venture is advancing with a view to proving one of the identified sites for use as an energy storage vessel.
