Wednesday May 14, 12:23 PM
Aqua Bounty Tech posts narrower FY net loss; sees limited cost savings in 2008
LONDON (Thomson Financial) - Aqua Bounty Technologies Inc (LSE: ABXT.L - news) . reported narrower full-year net loss and said it has
completed the operational review resulting in expected annual costs savings of about $2 million after 2008.
Further, the biotechnology company focused on commercial fishing, said it is encouraged by the progress of the Aquadvantage salmon regulatory process and anticipates a successful conclusion to coincide with the proposed commercial market test in 2009.
For the year ended Dec. 31, 2007, the company posted a net loss of $6.85 million compared with $8.06 million last year as it reported an interest income of $1.02 million against an interest loss of $141,878 last year.
Its revenues declined to $292,088 from $642,681 as there were no new sales and the research grant from the National Institute of Science and Technologies ended, it added.
The cost of implementing the restructuring will limit the cost savings in 2008. However, expenses and cash usage are expected to be lower than those in 2007, the company said.
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