Neptune Marine says it has completed its restructuring of operations, selling off its US-based diving business to a US private equity firm.
The company said it would receive $500,000 for the business, with the sale not expected to have a material impact on the company’s profits.
It said the diving business was expected to lose around $100,000 per month moving forward, despite contributing a small operating profit for the six months to December 31.
Chief executive Robin King said the sale was the final milestone in the restructure of the business, which came about following a comprehensive review of operations last year.
“With the US diving business being sold, our restructuring initiatives are now complete,” he said.
“By selling this business, we have also removed the ongoing operating losses it was expected to incur and we can wholly focus on growing our profitable divisions.”
At close of trade today Neptune shares had dropped 3.5 per cent, to trade at 2.7 cents.
