Wind turbine maker Windflow Technology has reported a $2.25 million loss in the six months to December 31, an improvement from a $3.3 million loss for the same period last year.
Sales revenue of $2.9 million was up from $2.4 million last year and was mostly from the
sale of wind turbines to NZ Windfarms Ltd.
There was additional income of $489,724, up from $399,967 last year for the NZAX-listed company.
It has received orders for 30 turbines for the Te Rere Hau wind farm near Palmerston North. This brings to 44 the number of turbines either in production, or scheduled for production. Five have already been installed at Te Rere.
Last November the company raised $5.04 million in a rights issue and has potential to raise a further $5.5 million in September when the tradeable options, attached to the shares issued last year, are exercisable.
"We are able to report that we, for the first time, have produced a positive gross profit from the manufacture of turbines, while as expected remaining in a loss position overall once the expenditure for non-recurring and overheads is deducted," the company said.
Windflow is eight years old and its 500 kW two bladed horizontal-axis wind turbines are up to 50 per cent lighter than others with a similar power rating.
Chief executive Geoff Henderson said: "We're definitely out of the prototype phase and into production and with that comes productivity."
The company was bidding to supply the proposed Mt Cass wind farm in North Canterbury which will have 80 turbines and was in the running to supply two turbines to a Hawaiian project.
No dividend will be paid.
