Oracle Power books annual loss as it develops Pakistan power plant plan
StockMarketWire.com - Oracle Power booked a full-year loss as it continued to develop a proposed coal mine in power plant in Pakistan.
Pre-tax losses for the year through December amounted to £880k, compared to losses of £1.0m on-year.
During the year, the company signed a non-binding memorandum of understanding with two Chinese power companies to develop and operate the mine and power plant and to provide financing.
'In 2019, the company will concentrate on formalising detailed agreements with its Chinese partners including securing of the financing for their share of the equity and all project debt,' Oracle said.
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