Sealegs narrows loss with more profitable models

Sealegs Corp, which makes amphibious boats, reports a narrower first-half loss as it increased sales of more profitable models catering for the luxury market.

The loss is $133,998 in the six months ended September 30, from a loss of $1.17 million a year earlier, the Auckland-based manufacturer says in a statement to the NZX. Sales rose 11% to $7.6 million.

The company invoiced for 50 boats in the first half, little changed from 49 boats a year earlier, though its average unit price rose as it introduced new top-end models such as a 7.7m cabin boat and a 7.7m wide console craft in the New Zealand, Australian and UK markets.

Sealegs also earned license revenues for the first time, with a firm called Smuggler Boats paying to use its technology.

"The opportunity exists to provide Sealegs technology on a license basis to a significant number of third party boatbuilders around the world," chairman Eric Series says.

Shares of Sealegs last traded at 13 cents, valuing the company at $15.8 million and have gained 14% in the past six months.

(BusinessDesk)

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