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South East Asian energy company Coro Energy reported narrower losses as cost cuts offset the impact of a fall in revenue following a fall in gas prices.
For the year ended 31 December 2020, pre-tax losses narrowed to $9.2 million from $16.6 million, while revenue fell 70% to $803,000 from $2.7 million.
'The production suspension led to a significant fall in Coro's production entitlement for the year, which was 5.4 MMscm compared to 12.7 MMscm in 2019,' the company said .
Gas was sold at an average price of €0.14 per scm, down from €0.19/scm.
'Having raised new capital early in 2021, and with a strengthened executive team, we are excited about the potential to add value for shareholders in the next 12 months and beyond,' it added.
At 9:29am: (LON:CORO) Coro Energy Plc Ord 0.1p share price was 0p at 0.25p