Wellington Drive says profit in 2013 ‘challenging’, seeks funding partner

Tue, 28 Aug 2012

Aug. 29 (BusinessDesk) - Wellington Drive Technologies, which makes energy-efficient motors, narrowed its first-half loss and said achieving a profit in 2013, its first since listing in 2001, will be “challenging” given the weak outlook for Europe The Auckland-based company had flagged the prospect of positive earnings before interest, tax, depreciation and amortisation in 2013 at its annual meeting in May and said today that target “remains our objective.” The net loss in the six months ended June 30 narrowed to $3.29 million, from a loss o...

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