News

West African Diamonds narrows FY loss

24 October 2008 07:48:00

Aim listed West African Diamonds said full year pre-tax loss narrowed as it slashed operating costs.

For the year ended 30 April 2008 pre-tax loss narrowed to £220,066 from £692,260 the same time a year earlier.

The Sierra Leone and Guinea focused resource firm said that the recent financial crisis had impacted demand, but in the longer term, diamond demand fundamentals are very sound.

Yesterday the group announced the appointment of two new directors to the board. Their organisations bought a 29.9% stake in the group.

The funds will be used to bring West African Diamonds' Bomboko mine onstream.

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