Wellington Drive narrows FY loss after trimming costs, fattening margin

Wed, 27 Feb 2013

Feb. 28 (BusinessDesk) – Wellington Drive Technologies, which makes energy efficient motors, narrowed its full-year loss after embarking on a strategic overhaul that cut costs, spending and inventory and widened its margins. The net loss shrank to $6.3 million in calendar 2012, from a loss of $14.5 million a year earlier, the Auckland-based company said in a statement. Revenue rose 2 percent to $35.6 million. The manufacturer’s turnaround plan saw it exit ventilation production in Singapore, now outsourced to Ziehl-Abegg, and reductions in i...

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