Kenmare Resources reports a halving of pre-tax losses

EXPLORATION firm Kenmare Resources has reported a near halving of full-year pre-tax losses for 2010, with management adding that its forecast for the current year is “very positive”.

The Dublin-headquartered company, whose chief asset is the Moma titanium mine in Mozambique, yesterday reported a pre-tax loss of just over $16.3 million (€11.4m) for 2010 — significantly down from the $30.4m loss recorded in 2009.

The company’s operating losses also decreased heavily, from $12.1m to $3.5m, while its loss per share figure fell from 3.59c to 0.1c. Its overall revenue figure, meanwhile, jumped from $26.72m in 2009 to just shy of $91.6m.