Atlantis swings to FY profit after Marine Current Turbines deal

Atlantis Resources has swung to a full-year pre-tax profit of S$4.3m, from a loss of S$16.2m, largely as a result of the gain from the acquisition of Marine Current Turbines.

The results saw revenue almost halved to S$2.9m, from S$5.3m, but this was more than compensated for by S$27.9m of “other gains,” from S$1.1m a year ago.

Net assets at the vertically integrated turbine supplier and project owner in the tidal power industry improved to S$120.8m, from S$98.0m.

Chief executive Tim Cornelius said said 2015 was a year of progress for Atlantis.

“We commenced construction of the world's largest commercial tidal array, remain on track to deliver our new 1.5 MW AR1500 turbine to Phase 1A of the project for installation in 2016 and have managed to consolidate the industry in the UK via two well timed, strategic acquisitions from Siemens and ScottishPower Renewables,2 he said in the results statement.

“We have started 2016 where we left off in 2015 and the announcement of our partnership agreement with Equitix represented a major turning point in the transition from demonstration projects to the deployment of commercial scale arrays.

“Furthermore, the proposed sale of our stake to DEME brings a key long-term strategic partner for the future build out of our project portfolio.

“We are striving to satisfy the conditions required to complete the transaction. There is no doubt that 2016 will be an exciting year for the Company and its shareholders as well as the wider tidal sector, as our flagship MeyGen project delivers first power to the grid."