4th Sep 2015 07:24
LONDON (Alliance News) - Atlantis Resources Ltd on Friday said its pretax loss narrowed in the first half as the company, which is behind the MeyGen wind turbine project in Scotland, continued to make progress on its flagship project.
The company said its pretax loss for the six months to the end of June narrowed to USD7.5 million from USD8.7 million a year earlier, as it generated USD951,000 in revenue, compared to USD170,000 a year earlier.
In the half, the company completed work on all of the ducts at the MeyGen project and signed a turbine construction contract with US-based aerospace and defence contractor Lockheed Martin. Lockheed is scheduled to deliver the first AR1500 turbine to the MeyGen project in 2016.
Tim Cornelius, the company's chief executive, said Atlantis is looking forward to the future with confidence following the progress made in the first half.
Shares in Atlantis were untraded early Friday, having last traded at 43.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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