By Jaime Llinares Taboada
Argo Blockchain PLC on Wednesday reported a significant profit drop for the first quarter, reflecting higher costs and a revaluation of its cryptocurrency assets.
The London-listed cryptocurrency miner made a pretax profit of $1.9 million in the first quarter down from $25.3 million a year earlier.
This was mainly driven by a $6.1 million negative revaluation in the fair value of its digital currencies, which compares with a $13.2 million positive change in the first quarter of 2021.
Revenue rose 9% to $19.5 million, but this was also offset by higher direct costs, professional fees and other expenses.
Shares at 0717 GMT were up 3.9% at 53 pence.
Write to Jaime Llinares Taboada at firstname.lastname@example.org; @JaimeLlinaresT