Wellington Drive still bleeding money
Manufacturer reports half-year loss of nearly $7 million; still looking for a new CEO.
Listed electronic motor manufacturer Wellington Drive Technologies continues to lose money, reporting a $7 million half-year loss.
This was 6% worse than the company’s 2010 half-year loss of $6.7 million and it included restructuring costs of $1.9 million.
The loss came despite Wellington Drive’s revenue increasing up 44% to $18.1 million.
In US dollar terms the revenue increase was even bigger, at 62%, while sales volumes were up 52% to 636,000 motors sold.
Wellington Drive recently announced that longstanding chief executive Ross Green would be leaving the company once a replacement was found.
The company says the search for a new chief executive is “nearing completion."
Niko Kloeten
Fri, 26 Aug 2011
Fri, 26 Aug 2011
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Wellington Drive still bleeding money
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