Range Resources widens H1 pretax loss

Range Resources has widened its H1 pretax loss to $37.8m, from a loss of $24.3m a year earlier. Impairments totalled $28.99m, from $17.29m.

"Whilst there are encouraging trends during the period, there is clearly still much work to do to achieve our objective of generating sustainable profitability and positive cashflows," said chairman Kerry Gu.

"Range remains focused on this target through growing production and monetising the substantial reserve base of the company," said Gu.

In addition, Range continued to seek suitable value-enhancing upstream acquisition opportunities and had actively screened a large number of possible transactions over recent months.

Revenue had fallen to $3.9m, from $4.3m.