Wellington Drive narrows 1H loss as turnaround plan trims costs by 30 percent

Mon, 26 Aug 2013

Aug. 27 (BusinessDesk) - Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, narrowed its first-half loss as its new strategy trimmed its costs by 30 percent. The Auckland-based company made a net loss of $1.76 million, or 1.87 cents per share, in the six months ended June 30, from a loss of $3.29 million, or 4.89 cents, a year earlier, it said in a statement. The loss before interest, tax, depreciation and amortisation narrowed to $1.74 million from $3.72 million. Sales declined 26 percent to $16.4 mil...

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