Wellington Drive widens 1H loss, warns FY earnings won't improve

Fri, 29 Aug 2014

By Tina Morrison Aug. 29 (BusinessDesk) - Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, widened its first half loss and said full year earnings won't improve as sales slump in Latin America, its largest market. The company posted a loss of $1.99 million, or 1.58 cents per share, in the six months to June 30, from a loss of $1.22 million, or 1.87 cents, in the year earlier period, the Auckland-based company said in a statement. Revenue fell 35 percent to $10.6 million. Wellington Drive said fir...

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