Oil and gas exporation and production firm Petroceltic International said its first half-loss more than doubled after administrative expenses rose as a result of increased staff numbers.
The company, which hired more staff in Dublin, Rome and Algeria, had a net loss of $1.9 million in the six months ended June 30th, or 0.26 cent a share, $1 million more than the same period a year earlier. Revenue for the period amounted to $320,000, compared to $140,000 in 2007.
Looking ahead, Petroceltic said it was "well placed" to move into the next phase of its development.
The Dublin-based company is part of a strategic alliance with Spain's Iberdrola SA to develop assets in North Africa and Italy.
Bloomberg