Karelian Diamond Resources has today announced a loss after taxation of €194,126 for the year ended May 2009 compared to a €268,638 in 2008.
However, the company described a period of "further positive findings" as it released its final results for the year.
Net assets as at May 31st, 2009, were €3,712,312 (€3,865,379 in 2008). Operating expenses were €194,342 for 2009 compared to €280,720 for 2008, while total liabilities stood at €1,190,534 for 2009 compared to €443,454 the previous year.
The company, which is focused on Finland, said it was looking to extend its interests there, and chairman Prof Richard Conroy said that following positive findings from their diamond exploration work at Seitaperä and in the Kuhmo area of Finland, the company has submitted additional licence applications over those areas.
Due to the downturn in the diamond market since the final quarter of 2008, Prof Conroy said the company is limiting activities where possible to office-based work to contain costs while assessing opportunities in the region.
“The outlook for diamonds is beginning to improve. Although stocks of both rough and polished stones remain high, we are encouraged by recent comments from De Beers that the pace of recovery in the rough diamond market is beginning to pick up" Prof Conroy said.