Mooring Systems back in red

A narrower full-year loss has disappointed Mooring Systems, which had edged into the black with a $7000 profit in the first half.

The Christchurch-based engineering firm, which makes automated vacuum mooring units, posted a net after-tax loss of $675,000 in the 12 months to March 31.

Chief executive Peter Montgomery said the 40 per cent improvement on the $1.17 million loss recorded in the same period a year earlier was still "disappointing".

"In building a platform for commercial success in an entirely new field with virtually no technological precedents, the company has had to invest heavily in strong foundations," he said.

The company seems to be getting some payback, with total revenue rising 80 per cent to $1.8 million from $1 million a year earlier.

Last month, Mooring Systems said it was teaming up with Texas-based Oceaneering International on a project for the US Navy that, if successful, could be worth big dollars.

Montgomery said: "The current year ... offers a wealth of exciting opportunities."

- NZPA