11:33 AM EST - Kinetex Resources Corp. : reported a first-quarter net loss of $70.73 million, compared to a loss of $301,570 in the same quarter last year. The company noted that net loss was primarily due to non-cash expenses namely, amortization of property and equipment totaling $760,970 and stock-based compensation amounting to $53,550. For the quarter, the company generated top line revenues of $3.49 million, an increase of 6.2 per cent over the year-ago quarter. Looking forward, the company sees opportunity for growth at an accelerated rate once overall confidence returns to the world markets. The company also sees potential opportunities developing in the area of project participation, which has been reinforced by recent successes in this area. Kinetex Resources Corp.
shares V.KTX are trading up $0.01 at $0.12.
