Wellington Drive narrows 3Q loss as international demand, weak kiwi drive sales growth

Mon, 16 Nov 2015

By Sophie Boot Nov. 16 (BusinessDesk) - Wellington Drive Technologies narrowed its third-quarter loss after the unprofitable maker of energy-efficient motors lifted sales in Latin America and Asia, and benefitted from a weaker kiwi dollar. The net loss was $388,000 in the three months ended Sept. 30, compared to a loss of $643,000 a year earlier, the Auckland-based company said in a statement. Revenue rose 31 percent to $5.1 million, while gross margin increased to 23.5 percent from 18.2 percent. The company sold 211,000 motors in the...

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