However, business in these two areas has not been great for the company. Manhattan Resources, which has a December year-end, reported frequent full-year losses since FY2014, barring FY2018 and FY2020 when it was profitable. The company has also been on the SGX Watchlist since December 2018.
Russia’s invasion of Ukraine has caused prices of fossil fuels to shoot back up, negating the much-needed push towards renewable energy that is trying to close the cost gap between the two types of energy sources. However, the new management at Metis Energy is solidly sticking to its plans to transform its business into a green energy services provider.
Metis Energy, formerly known as Manhattan Resources until May 5, runs coal-fired power plants and provides ship chartering to haul coal in Indonesia. The company has also ventured into China’s property market, where it is now developing Ningbo Yinzhou Manhattan Tower, a mixed-use office and commercial project slated for completion in 2025.
