KEY POINTS:
Auckland-based maker of energy efficient motors Wellington Drive Technologies is forecasting 150 per cent growth in revenue for 2009 to $40 million.
The company said on Friday it was expecting a net loss of $11 million for the year to the end of December 2008. For the six months to June 2009 it projected a net loss of $6.8 million, while for the second half of 2009 it projected a net loss of $2.9 million.
Breaking even during the second half of 2009 remained the target of the board and management.
Wellington Drive also registered a prospectus for a one for three rights issue at 10c per share, to raise $11.4 million.
The funds would be used to invest in the working capital needed as sales expanded, to fund operating losses expected between now and the company achieving profitability, and to fund capital spending, the company said.
Wellington Drive shares were down at close of play Friday a year-low of 13c. A year ago they were at 47c. The rights issue was not being underwritten, to save avoidable costs, the company said.
- NZPA