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Vast Resources suffers 7.4% decrease in revenue

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By Alois Vinga


AIM Listed mining company, Vast Resources plc says revenues declined by 7,4% in the just declared six-month period with the mining giant also recording a significant decrease in losses during the period.

The unaudited interim report for the half-year period ended October 31 2023 declares a decrease in revenue generated.

“A 7,4% decrease in revenues for the six months ended 31 October 2023 (US$1.791 million) compared to the six months ended 31 October 2022 ($1.934 million) mainly due to a reduction in consultancy revenues,” says the report in part.

During the reporting period, the company also experienced a 4,4% decrease in administrative and overhead expenses for the six months ended 31 October 2023 (US$1.848 million) compared to the six months ended 31 October 2022 (US$1.934 million).

Administrative and overhead expenses for the six months ended 31 October 2023 (US$1.848 million) are lower compared to the six months ended 30 April 2023 (US$1.946 million).

“A decrease in losses after taxation in the six months ended 31 October 2023 (US$6.220 million) compared to the six months ended 31 October 2022 (US$6.779 million). Eliminating the effects of foreign exchange gains and losses, “the report said.

Vast Resources plc is a United Kingdom AIM-listed mining company with mines and projects in Romania, and Tajikistan.

The company retains a continued presence in Zimbabwe in respect of the historic claims.