We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Platinum Min | LSE:PMCI | London | Ordinary Share | GB00B06T2F98 | ORD 0.045P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.11 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
The Directors of Platinum Mining Corporation of India Plc are pleased to announce their interim results for the six months ended 31 January 2007 Chairman's Statement The financial result for the six month period to end of January 2007 was a net loss after taxation of £833,974 compared to a loss after taxation of £232,679 for the six months to end January 2006. Income in the period was entirely due to interest on our bank balances and amounted to £230,539 compared to £259,620. The increased loss was accounted for by administrative costs in relation to the takeover offer made for PMCI by SPI Partners Ltd, a subsidiary of SUN Group, and legal fees incurred in the renegotiation of contracts with FACOR, our joint venture partner in India. There have been no operational developments to report upon within the period under review. As referred to above, the extensive discussions with FACOR relating to our mining contracts were interrupted by the takeover offer and as a consequence, could not be concluded. The Board Since the successful takeover offer of PMCI by SPI Partners Ltd at the end of last year, SUN Group have moved to further strengthen the Board by appointing three of their senior executives as non-executive Directors. We welcomed Sandeep Kamat, Sheldon Kirkpatrick and Vaidyanathan Sivakumar as Directors in February and expect that their knowledge of the mining industry, with their experience of corporate finance and of operating in India will be a great benefit to the Company. Malcolm Groat and Umesh Sahdev will be retiring from the Board at the conclusion of the forthcoming Annual General Meeting to be held on 3rd May 2007. I would like to acknowledge the contribution made by Malcolm since joining the Board in March 2005 and also to Umesh since he became a Director in February 2006. Financial Position The Company maintains a healthy cash balance of over £9million even after the exceptional costs referred to above. Your board is currently considering proposals to maximise returns on this cash. Our finances put us in a strong position to commit to exploration and development expenditure as soon as we have agreement to do so and would also enable us to consider other opportunities in PGMs. We intend to change our financial year end from 31 July to 31 December, which will align our year end with that of the SUN Group as well as the majority of mining companies. Accordingly, the next reporting period will be a seventeen- month period from 01 August 2006 to 31 December 2007. Outlook As previously mentioned, SUN Group, on behalf of your Company is devoting considerable human and financial resources in order to reach satisfactory agreements between your Company and our joint venture partner, FACOR. In the meantime, Platinum's strength is underpinned by robust fundamentals, particularly demand from autocatalysts. Philip Adeane Chairman Platinum Mining Corporation of India PLC Unaudited interim results Consolidated Profit and Loss Account for the six months ended 31 January 2007 Six Twelve Six months months to months to to 31 31 July 31 January January 2006 2006 2007 Restated Restated Unaudited audited unaudited £ £ £ Administrative expenses (1,064,513) (1,594,872) (492,299) _______ _______ _______ Operating loss (1,064,513) (1,594,872) (492,299) Interest receivable and similar 230,539 474,458 259,620 income _______ _______ _______ Loss on ordinary activities activities before taxation (833,974) (1,120,414) (232,679) Taxation - - - Loss on ordinary activities after taxation (833,974) (1,120,414) (232,679) Minority interests - equity 1,218 6,702 (11,714) _______ _______ _______ Loss for the period (832,756) (1,113,712) (244,393) ======= ======= ======= Loss per ordinary share (p) (0.5) (0.6) (0.1) Consolidated Balance Sheet 31 31 31 January July January 2007 2006 2006 Unaudited Audited Unaudited £ £ £ Fixed Assets Intangible Assets 260,364 260,364 256,068 Tangible Assets 186,933 197,409 242,569 _______ _______ _______ 447,297 457,773 498,637 ======= ======= ======= Current Assets Debtors 474,982 431,327 522,208 Cash at bank and in hand 9,465,014 10,455,942 11,034,698 _______ _______ _______ 9,939,996 10,887,269 11,556,898 Creditors: amounts falling due (142,552) (246,711) (118,916) within one year _______ _______ _______ Net current assets 9,797,444 10,640,558 11,437,982 _______ _______ _______ Total assets less current 10,244,741 11,098,331 11,936,619 liabilities Creditors: amounts falling due (8,302) (8,288) (9,225) after more than one year _______ _______ _______ Net assets 10,236,439 11,090,043 11,927,394 ======= ======= ======= Capital and reserves Called up share capital 79,036 79,036 79,036 Share premium account 12,153,129 12,153,129 12,150,868 Merger reserve 1,014,980 1,014,980 1,014,980 Profit and loss account (2,985,171) (2,136,737) (1,320,607) _______ _______ _______ Shareholders' funds - Equity 10,261,974 11,110,408 11,924,277 Minority interests - equity (25,535) (20,365) 3,117 _______ _______ _______ 10,236,439 11,090,043 11,927,394 ======= ======= ======= Consolidated Cash Flow Statement Six Twelve Six months months to months to to 31 31 July 31 January January 2006 2006 2007 Restated Restated Unaudited audited unaudited £ £ £ Reconciliation of operating loss to net cash flow from operating activities Operating loss (1,064,513) (1,594,872) (492,299) Depreciation charges 13,673 28,382 3,039 Loss/(profit) on disposal of - 11,550 (5,500) fixed assets Foreign currency exchange loss 3,319 26,560 - (Increase)/decrease in debtors (43,655) 67,095 (23,778) Decrease) in creditors (104,145) (247,195) (373,868) Fair value of share based payments (20,363) 107,183 53,592 Net Cash outflow from operating activities (1,215,684) (1,601,297) (838,814) ======= ======= ======= Cash Flow Statement Cash flow from operating activities (1,215,684) (1,601,297) (838,814) Returns on investments and servicing of finance Interest received 243,030 474,458 259,620 Capital expenditure and financial investment Purchases in respect of fixed assets (2,885) (211,119) (403,471) Investment in intangible assets - (196,784) _ _______ _______ _______ Cash outflow before financing (975,539) (1,534,742) (982,665) Financing Share issue costs - (56,591) (58,852) _______ _______ _______ (Decrease) in cash in the period (975,539) (1,591,333) (1,041,517) ======= ======= ======= Reconciliation of net cash flow to Movements in net funds Six Twelve Six months months to months to to 31 31 July 31 January January 2006 2006 2007 Restated Restated Unaudited audited unaudited £ £ £ (Decrease) in cash for the period (975,539) (1,591,333) (1,041,517) Repayment of debt due after more - - - than one year _______ _______ _______ Change in funds resulting from (975,539) (1,591,333) (1,041,517) cash flows Exchange movement (15,389) (7,340) 21,600 Movement in net funds in the period (990,928) (1,598,673) (1,019,917) Net funds at the start of the 10,445,942 12,054,615 12,054,615 period _______ _______ _______ Net funds at the end of the period 9,465,014 10,455,942 11,034,698 ======= ======= ======= Consolidated Statement of Total Recognised Gains and Losses Loss for the period (832,756) (1,113,712) (244,393) Net exchange differences on the 4,685 12,104 12,506 retranslation of net investments and related borrowings Fair value of share based payments (20,363) 107,183 84,134 _______ _______ _______ Total recognised gains and losses relating to the Period (848,434) (994,425) (147,753) ======= ======= ======= Reconciliation of Movements in Shareholders' Funds Loss for the period (832,756) (1,113,712) (244,393) Net exchange differences on the 4,685 12,104 12,506 retranslation of net investments and related borrowings New share capital subscribed - (56,591) (58,852) (net of issue costs) Fair value of share based payments (20,363) 107,183 53,592 Net reduction in equity shareholders' funds (848,434) (1,051,016) (237,147) Opening equity shareholders' funds 11,110,408 12,161,424 12,161,424 _______ _______ _______ Closing equity shareholders' funds 10,261,974 11,110,408 11,924,277 ======= ======= ======= Notes to the unaudited interim results 1. Basis of preparation The interim financial information has been prepared on the same basis and using the same accounting policies as were applied in drawing up the company's statutory financial statements for the year ended 31 July 2006. The report was approved by the Board of Directors on 26 April 2007. The financial information for the 6 months ended 31 January 2007 is unaudited. In the opinion of the Directors the financial information for this period presents fairly the financial position and cash flows for the period in conformity with generally accepted accounting principles. The financial information for the 12 months ended 31 July 2006 has been derived from the Group's audited financial statements for that period as filed with the Registrar of Companies and does not constitute the statutory financial statements for that period. The auditors' report on the statutory financial statements for the year ended 31 July 2006 was unqualified. As explained in the Chairman's Statement, the financial year end for the Company will be changing from July to December, and the next Annual Report will be for a 17-month period up to 31 December 2007. In common with other AIM listed companies, the Group is not required to adopt International Financial Reporting Standards (IFRS) until accounting periods beginning on or after 01 January 2007, which will be the Company's year ended 31 December 2008. The Directors are currently assessing the impact of IFRS on the Group's financial results, particularly that of IFRS 6 "Exploration for and Evaluation of Mineral Resources". 2. Loss per share The calculation of loss per ordinary share is based on losses of £832,756 (12 months to 31 July 2006: (£1,113,712), 6 months to 31 January 2006: (£244,393)) and the weighted average number of ordinary shares of 175,636,364 (12 months to 31 July 2006: 175,636,364, 6 months to 31 January 2006: 175,636,364) There is no difference between the basic and diluted earnings per share as the share options are non-dilutive. 3. FRS 20 The Company has adopted FRS 20 Share Based Payments, under which an expense is recognised in the profit and loss account for share based payments, calculated on their fair value at the date of grant. The adoption of FRS 20 has given rise to a write-back of £20,363 for the period ended 31 January 2007 due to the reversal of a prior charge. The charge for the 12 months ended 31 July 2006 is £107,183, for the 6 months ended January 2006 the charge is £53,592 and for the year ended 31 July 2005, the charge is £84,134. All comparative figures have been restated accordingly. 4. Dividends The Directors do not recommend the payment of the dividend. Copies of the interim report Copies of this Interim Report will be posted to shareholders and further copies will be available from the Company's office and downloadable from www.pmciplc.com Enquiries: Charles Zorab Platinum Mining Corporation of India Plc Telephone number: 020 7340 0970 James Joyce/David Porter WH Ireland Telephone number: 020 7220 1698
1 Year Platinum Mining Of India Chart |
1 Month Platinum Mining Of India Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions