StockMarketWire.com - GCM Resources plunged into the red in the six months to the end of December posting an after-tax loss of £690,000 against a profit of £3.3m last time.

GCM says the Phulbari coal project remains the company's key opportunity and it continue to pursue approval of the scheme of development from the government of Bangladesh.

Chief executive Steve Bywater said: "Because of the unique contribution that the Project can make to the development of the electricity capacity of Bangladesh we have confidence that it will ultimately be developed.

"Advancement of the Phulbari Coal Project would provide significant benefits to the local Phulbari community, the country of Bangladesh and the shareholders of GCM Resources plc.

"To this end, during the last six months GCM management has continued to have meetings with government ministers and officials to ensure that those responsible for making the approval decision have a full understanding of the project including its benefits and impacts and how we propose to manage those impacts.

The company's administrative expenses rose to £796,000 during the period - up from £681,000 last time) and operating losses rose to £870,000 from £692,000.


At 8:57am: [LON:GCM] GCM Resources share price was -0.5p at 77p



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