Continental Coal’s Net Loss Widens to 146 Percent

Mining Weekly reported that for the six months ended December 31, 2013, Continental Coal Ltd.’s (ASX:CCC,LSE:COOL) net loss attributable to members jumped by 146 percent, to AU$15.79 million.

As quoted in the market news:

The company’s basic loss a share also increased to 2.29c from 1.37c previously, although its revenue increased by 28% to A$39.9-million during the six-month period.

Continental, however, pointed out that post December 31 it received A$5-million initial bridge funding as part of its recapitalisation strategy, adding that larger recapitalisation plans were also well advanced.

‘[As a result of the bridge funding], Continental has made key payments to current creditors and negotiated a three-month standstill period to recapitalise the group and restructure its financial arrangements,’ the company said.

Click here to read the full Mining Weekly report.