Sealegs posts wider first half loss as price pressure crimps margins

Mon, 25 Nov 2013

By Tina Morrison Nov. 25 (BusinessDesk) – Sealegs Corp posted a wider first-half loss as lower prices for its amphibious boats crimped margins. The Auckland-based company posted a loss of $604,000 for the six months ended Sept. 30, compared with a loss of $134,000 in the year earlier period. Sales rose 10 percent to $8.4 million. “In spite of increased sales, pricing pressure in overseas markets resulted in reduced gross margin and a reduced net income,” chairman Eric Series said in a statement. The gross margin slipped to 24.6 percent from...

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