Future still cloudy for AQL

The deficit includes more than $12 million of unusual items, mainly relating to the sale of the company's loss-making aquarium assets.

AQL sold its Shanghai Aquarium in the middle of last year at a loss of $11 million to Radwin Properties, and the company incurred costs of $368,000 in settling management contracts in China.

It says it also faced additional costs of $459,000 relating to the prior year's sale of its aquarium project in South Korea.

The company's only activity since repaying convertible noteholders in September has been as a cash investor.

At the end of December it had cash of $272,000 and net assets of $169,000, but since balance date a further 22.8 million shares have been issued for a total of $342,000.

AQL's directors says they have investigated a number of business opportunities in both Australia and New Zealand but have not yet identified any they consider suitable for the company.

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