Sunward Resources FY11 Net Loss Climbs $9.3 million But Per-Share Loss Still Narrows
Sunward Resources Ltd (SWD.V) is flat again for the session at $1.40 a share, giving back an 8% advance earlier in the day prior to the gold and copper explorer posting a $9.9 million net loss attributable to common shareholders in fiscal 2011, up from a $601,000 net loss a year-ago.
Despite that whopping deficit, Sunward actually managed to narrow its per-share net loss for year, recording a $0.13 per share loss this year compared to a $0.19 a share net loss in fiscal 2010. The reason: Sunward issued over 76.1 million shares of new stock over the past year -- a better than 23-fold increase over the 3.2 million shares outstanding at the end of the prior fiscal year.
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