Galileo Resources PLC on Thursday said it reduced its first-half loss as expenses and value adjustment losses narrowed during the period.

The mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US reported its pretax loss narrowed to £471,761 in the first half ended September 30, from a loss of £1.6 million the year prior.

The firm said investment revenue rose 35% to £295,433, from £218,012 previously.

Meanwhile, operating expenses narrowed to £585,411, from £599,130, and its loss on fair value adjustments also narrowed to £162,802, from £401,274 a year ago.

Basic loss per share narrowed to 0.05 pence, from 0.13p previously.

Galileo shares fell 4.6% to 1.05 each on Thursday afternoon in London.

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