Atlantic Navigation able to continue as a going concern, say directors

SINGAPORE - The opinion of independent auditors with regard to an emphasis of matter listed in their report of Atlantic Navigation Holdings financial statements for the year ended Dec 31, 2017 "remains unqualified", the Catalist-listed company said in an exchange filing on Wednesday (June 13).

The independent auditors - Ernst & Young LLP - included an emphasis of matter in respect of the material uncertainty related to Atlantic Navigation's ability to continue as a going concern.

But in the filing, Atlantic Navigation said: "In the opinion of the directors, the group will be able to continue as a going concern as there are reasonable grounds to believe that the company will be able to pay its debts as and when they fall due..."

The investment holding company - which also provides ship repair, fabrication and other marine services - added that it will be able to continue as a going concern as it would be able to "generate sufficient cash flows from its operations as well as secure funding to support working capital and its committed capital expenditure in the near term".

Atlantic Navigation shares were trading 3 cents or 19.7 per cent down at 12.2 cents as at 1.25pm, after the announcement.