23rd Aug 2018 11:57
LONDON (Alliance News) - Nautilus Marine Services PLC said Thursday it narrowed its interim loss on the back of reduced costs, despite not generating any revenue in the first half of its financial year.
For the six months to June 30, the offshore services company posted pretax loss of USD4.5 million compared to USD6.6 million a year prior.
The company did not generate any revenue for the six-month period, a year ago revenue amounted to USD140,000 as its asset base remained inactive.
The company's costs of sales dropped to USD1.7 million from USD2.7 million a year ago, while administrative expenses reduced to USD2.4 million from USD3.7 million, reflecting in the narrowed loss.
"The decrease was primarily due to staff reductions and other payroll reductions which were implemented to curtail costs while the group's assets remain inactive," the company explained.
Nautilus added: "The group seeks to continue reducing its administrative costs until operations are re-established through reactivation of its current asset base and/or strategic acquisitions."
The company was also able to make a USD565,000 gain on disposals after selling non-strategic vessels and equipment for USD722,000 in cash. The company said it will continue to consider the disposal of further non-strategic assets.
Nautilus shares were untraded at 4.70 pence each on Thursday.
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