Wellington Drive narrows first-half loss as Latin America, weak kiwi drive sales growth

Wed, 26 Aug 2015

By Paul McBeth Aug. 26 (BusinessDesk) - Wellington Drive Technologies, the unprofitable maker of energy efficient motors, narrowed its first-half loss as gains in the Latin America market and a weaker kiwi dollar bolstered sales. The Auckland-based company reported a net loss of $671,000, or 0.38 cents per share, in the six months ended June 30, compared to a loss of $1.99 million, or 1.58 cents, a year earlier, it said in a statement. Sales gained 28 percent to $13.5 million, while gross margins increased to 20.7 percent from 18.5 percen...

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