Interim loss narrows at Atlantis Resources

A Singapore-based Atlantis Resources has seen its interim loss trimmed by some 14% compared to the same period a year before.

The developer behind MeyGen tidal energy project posted a loss of £3.5 mln (S$7.5 mln) for the period ended June 30, 2015, versus a £4 mln (S$8.7 mln) loss in the corresponding period in 2014.

However, the company stated these interim results are in line with the annual 2014 results which amounted to a loss of £7.6 million (S$16.2 mln).

Revenue for the six months to June 30, 2015 was £0.5 mln (S$1 mln) which primarily comprised third party consulting revenues, the revenues from the sale of the AR1500 turbine to MeyGen are eliminated on consolidation.

Other gains and losses of £0.7 mln (S$1.4 mln) comprised grant income of £0.4 mln (S$0.8 mln) and a contribution by Lockheed Martin to the company’s development project in Canada of £0.2 mln (S$0.4 mln).

Total expenses of £4 mln (S$8.6 mln) were primarily driven by employee expenses of £1.8 mln (S$3.8 mln), depreciation and amortisation of £0.8 mln (S$1.6 mln), and other operating expenses of £0.8 mln (S$1.8 mln).

As the acquisition of Marine Current Turbines (MCT) completed on July 1, 2015, the June 30, 2015 financial statements do not include any impact of the MCT acquisition.

Atlantis Resources’ consolidated total assets increased to £73.5 mln (S$155.7 mln) at June 30, 2015 from £69.2 mln (S$146.7 mln) at December 31, 2014, primarily as a result of capital expenditure on MeyGen Phase 1A, the company said.

The consolidated cash position of Atlantis Resources as at June 30, 2015 was £12.3 mln (S$26 mln).

Tim Cornelius, Chief Executive of Atlantis, said: “The first half of 2016 has been full of exciting developments for Atlantis, with construction works starting on the MeyGen onshore control centre in January and onshore drilling of all four ducts completed by the end of July.

“We successfully acquired MCT which adds the proven SeaGen turbine system to Atlantis’ portfolio, along with MCT’s experienced team, and we were pleased to welcome Siemens as our second largest shareholder.”

Image: Atlantis Resources

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