Wellington Drive first-half sales beat expectations on weaker kiwi

Wed, 22 Jul 2015

By Paul McBeth July 22 (BusinessDesk) - Wellington Drive Technologies, the unprofitable maker of energy efficient motors, lifted first-half sales 28 percent, beating guidance, as the company benefited from the recent slump in the kiwi dollar against the greenback. The Auckland-based company said sales were $13.5 million in the six months ended June 30, ahead of the $12 million to $13 million range it forecast, and up from $10.6 million a year earlier. Earnings before interest, tax, depreciation and amortisation was at breakeven, ahead of...

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