Wellington Drive narrows annual loss, tagged by auditor

Fri, 28 Feb 2014

Feb. 28 (BusinessDesk) - Wellington Drive Technologies, which makes energy efficient refrigeration motors, narrowed its annual loss in 2013 in the second year of its turnaround plan, while having its accounts tagged by auditor PwC over its cashflow forecasts. The Auckland-based company had a net loss of $3.77 million, or 3.49 cents per share, in calendar 2013, down from a loss of $6.33 million, or 8.97 cents, a year earlier, it said in a statement. Sales fell 23 percent to $27.4 million, missing its target of between $30 million and $33 mill...

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