Interim Financial Report to Dec 2013
Brisbane, Mar 13, 2014 AEST (ABN Newswire) - WestSide Corporation Limited (
ASX:WCL) reported an operating loss after income tax for the six months to 31 December of $5.65 million (2012: $5.6m). This included an operating loss of $3.2 million attributable to the Meridian SeamGas business (2012: $3.5m), a $0.2 million loss incurred on drilling operations (2012: 0.2m profit) and $2.5m of corporate, administration and exploration costs (2012: $2.6m).
Revenue from continuing operations for the six months to 31 December 2013 was $5.0 million (2012: $4.7m), including $4.0 million from Meridian SeamGas operations (2012: $4.0m) and $0.3 million in interest income (2012: $0.6m). Additional revenue of $0.7m has been recognised from release of excess remedy provisions as a result of improved sales volumes in the period (2012: Nil).
As a result of the strategic review and organisational restructure undertaken in June 2013 employment costs were down 13% to $2.3 million (2012: $2.7m).
Cash balances of $26.1 million were bolstered by receipts of $15.4 million from the issue of shares during the period.
To view the complete Financial Report, please visit:
http://media.abnnewswire.net/media/en/docs/76750-ASX-WCL-787870.pdf
Contact
WestSide Corporation Ltd
Michael Hughes
Managing Director
T: +61-7-3020-0900
Damian Galvin
Chief Financial Officer
T: +61-7-3020-0900
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