Polo Resources Ltd, and international coal mining and exploration Group domiciled in the British Virgin Islands, published annual report for the year ended 30 June 2019. According to the consolidated 2019 results, the Group had a loss on ordinary activities which was largely due to provision of a full impairment of USD4.18 million against the recoverability of the outstanding loan from Plinian Guernsey, the impairment charge of USD2.45 million against Prism Diversified Ltd (formally Ironstone Resources Ltd) and the impairment reversal of USD2.4 million against the carrying value of GCM Resources Plc. The administrative expenditure of the Group was USD2.26 million compared to USD2.29 million in the previous financial year.
Basic loss per share for the year ended 30 June 2019 was USD1.34 cents, as compared to USD2.44 cents in financial year 2018.
As at 13 December 2019, the BVI Group had a net position of cash, receivables and short term investments of USD11.97 million, as compared to USD11.71 million as at 30 June 2019.