Atlantic Navigation sinks further into the red with US$13.2m full-year loss

ATLANTIC Navigation Holdings posted a deeper full-year loss of US$13.2 million on Monday night, from US$11.4 million a year ago, due to higher finance costs and marketing and distribution expenses, and a lower gross profit.

The investment holding company, which provides ship repair, fabrication and other marine services, said that the increase in finance charges of US$6.7 million in FY2017 was due to a loss on extinguishment of original convertible loan instrument with a supplemental convertible loan instrument.

Atlantic Navigation's gross profit was 38.1 per cent lower at US$3.3 million for FY2017.

The company recorded a loss per share (LPS) of 5.08 US cents for the full-year ended Dec 31,2017. LPS in FY2016 was 4.38 US cents.

Revenue in FY2017 was 13.6 per cent higher at US$33.9 million, as its marine logistics services segment contributed to higher sales.

This segment recorded a turnover of US$32.4 million, an increase of 20.8 per cent compared to FY2016. The increase in revenue was mainly attributable to the deployment of the group's lift-boat and a cross-chartered vessel on time charter with a Middle Eastern National Oil Company.

However, the ship repair, fabrication and other marine services segment recorded a 50.8 per cent decrease in sales compared to FY2016 mainly due to the lower level of repairs works undertaken on third-party vessels as a result of the slowdown in the marine and offshore industry.

Atlantic Navigation Holdings last traded at S$0.152 on Feb 27.