AQL result confirms big loss

Aquaria says its unaudited loss for the half-year to the end of June was $13.549 million, which includes writing down $10.823 million on the company's investment in the Shanghai Aquarium to the agreed sale price.

The Shanghai Aquarium recorded a loss for the six months of $479,000. Visitor numbers for the six months were 279,000, with January and June months being particularly low at 11,000 and 29,000 respectively.

Aquaria says the settlement of the sale of the aquarium has been deferred from September 15 until September 22 because of an administrative delay in getting certificates from the Chinese joint venture partner to Radwin Properties.

AQL says following settlement of the sale of the Shanghai Aquarium and repayment of the convertible notes due to be redeemed at the end of September, the company will have a net asset backing of less than 0.1 cent per share.

Aquaria's directors plan to make a recommendation on the company's future next month when they know how much money is available for any possible alternative investment.

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