Drive Technologies report yearly loss

Electric motor manufacturer and designer Wellington Drive Technologies yesterday reported a full-year loss of $4.9 million as licensing and development delays offset sales growth.

The result ballooned from a $2.9 million loss in the previous June year.

But total operating revenue almost doubled to $2 million, with revenue from product sales rising to $1.5 million from $400,000. Royalty income swelled to $60,000 from $7000.