Providence Resources has reported an operating loss of €163,000 for the year ended December last compared to a €36,000 operating profit in the previous 12 months, the company announced yesterday.
Turnover was €757,000, down from €864,000 in 2002, while the cost of sales was €412,000, down from €430,00, it said.
Operating expenses climbed to €508,000 from €398,000, leading to a retained loss for 2003 of €580,000 from €397,000. This translated to a loss per share of 0.055 cent, against a loss per share of 0.041 cent in 2002.
Providence said it recently strengthened its balance sheet with a €13.35 million equity fundraising and has warrants to conditionally raise an additional €5 million.
Since the turn of the year, debt has been eliminated while convertible capital bonds of $8.7 million have been issued.
Chairman Mr Brian Hillery said Providence is looking to a period of heightened activity this summer.
It has high hopes in particular for its Blackrock drilling programme.
Hydrocarbon drilling off the Celtic Sea and St George's Channel will also continue.
In its annual results, Providence also announced the appointment to the board of Mr Phil Nolan, who is the chief executive of Eircom.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)