Atlantis Resources’ net loss widens to USD 12.2m in 2014

Singapore-based tidal turbines supplier Atlantis Resources Ltd (LON:ARL) on Wednesday reported a net loss of SGD 16.2 million (USD 12.2m/EUR 10.9m) for the full 2014, deepening from SGD 9.7 million a year earlier.

The company noted that its bottom line in 2013 included one-offs. Other factors that explain the expanding annual loss are the lower revenues and higher expenses in 2014, the firm noted.

Atlantis Resources, which owns the 398-MW MeyGen tidal wave energy project in Scotland, turned to a full-year loss from operating activities of SGD 13.4 million from a profit of SGD 5.7 million in 2013.

The company also saw its revenues decrease to SGD 5.3 million from SGD 6.2 million a year back, as there were no equipment sales during the period under review. All of the income came from the provision of consulting services.

In April 2015, Atlantis Resources agreed to acquire sector player Marine Current Turbines Ltd (MCT) from German engineering group Siemens (ETR:SIE). Thus it will lift its UK project portfolio by 50% to 600 MW, according to the financial statement of the company.

(SGD 1.0 = USD 0.752/EUR 0.673)

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