CIC Energy Corp., a British Virgin Islands corporation operating coal properties located in South Africa, reported financial results for the three and six month periods ended May 31, 2010. For the second quarter of 2010, the company reported net loss of $2.2 million, or $0.04 per share (basic and diluted), compared to a net loss of $2.12 million reported in the second quarter of 2009.
For the six month period ended May 31, 2010, the BVI corporation reported net loss of $5.47 million, or $0.10 per share (basic and diluted). For the same period of 2009, net loss was $1.96 million. According to the company’s report, the increase of net loss for the three and six month periods of 2010 is mainly attributable to the reduced interest received on cash and cash equivalents and the reduction of profit on foreign exchange.
At May 31, 2010, capital expenditure on exploration properties of CIC Energy amounted to $167 million, capital exploration costs totaling $6 million.