Atlantis posts $3.1 million profit in 2015

May 27, 2016

Atlantis' AR1000 tidal turbine (Photo: Atlantis Resources) — Atlantis’ AR1000 tidal turbine (Photo: Atlantis Resources)

Atlantis Resources has reported a pre-tax profit of S$4.3 million ($3.1 million) in 2015, an increase of S$20.5 million ($15 million) on the prior year’s loss.

The primary reasons for the increase in profit are the gains resulting from the acquisition of Marine Current Turbines (MCT) from Siemens, and selling the 50% stake in Atlantis Operations Canada Ltd to DP Energy, Atlantis informed.

The Edinburgh-based tidal energy developer has reported a revenue of S$2.9 million ($2.1 million) for 2015, compared to the revenue of S$5.3 million ($3.8 million) a year earlier, which represents a decrease of 45%.

The company has attributed the decrease in revenue to the the provision of consulting services in relation to the contract with ETI, which has the objective of reducing capital cost for tidal energy projects.

Atlantis’ assets stand at S$191.6 million, an increase of S$45.0 million or 30% from S$146.6 million reported in the previous year, which, according to the company, primarily results from the fair valuation of MCT’s assets upon acquisition and the capitalised development costs of Phase 1A of the MeyGen project.

Total expenses for the year were S$25.2 million, an increase of 27% from S$19.8 million in the prior year.

The higher expense are mainly due to the impairment of the AR1000 turbine, which is considered obsolete, as well as higher employee expenses as a result of the acquisition of MCT.

Tim Cornelius, CEO of Atlantis, said: “2015 has been a year of amazing progress for Atlantis culminating in the company’s maiden profit. I am pleased that we have been able to make great strides in furthering the development of the tidal stream industry in the UK and beyond.

“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.”