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Kibo Energy warns of delays on project developments amid virus impact
StockMarketWire.com
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Energy company Kibo Energy warned it would not meet its project development target dates amid disruptions from the ongoing pandemic.
'The impact of the pandemic on the operations of our Milan based EPC contractor, AB Implantii during early part of 2020 and general related travel restriction in Europe has pushed out the new target date for commissioning of the plant to the first quarter of 2021,' the company said.
The company also reported narrower losses as lower costs offset a fall in revenue.
For the 6 month period ended 30 June 2020, pre-tax losses narrowed to £1.25 million from £1.82m year-on-year as revenue fell to £1.11m from £1.37m.
'Unavoidably, COVID 19 has had an impact on field operations and we are experiencing some delays in meeting our previously announced project development target dates but are working closely with our partners and service providers to manage these delays,' the company said.
At 8:50am: (LON:KIBO) Kibo Mining share price was -0.02p at 0.24p
Story provided by StockMarketWire.com
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