Expenses push Aquila into the red

Como-based Aquila Resources has posted a $12.4 million first half net loss after spending $31 million on exploration and feasibility activities.

The net loss compares with the $1.1 million loss recorded for the previous corresponding period.

Revenue for the six months to the end of December rose from $56.1 million to $75.6 million with Aquila's only operating mine, Isaac Plains, reporting record sales tonnage of 1.5 million tonnes, up from 662,614t.

However, earnings before interest, tax, depreciation and amortisation for the Isaac Plains coal mine in Queensland dropped from $29.6 million to $15.3 million.

Aquila said it expected EBITDA to be significantly higher in the second half on the back of forecast increases in both metallurgical and thermal coal prices.

The company's exploration expense was similar to the same period in 2008, with costs dipping from $32 million to $31 million.

Aquila's other expenses blew out from $407,000 to $6.4 million.

Shares in Aquila shed 12 cents to $9.47 at 14:10 AEDT.