Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Sealegs More Than Doubles Revenue

Sealegs More Than Doubles Revenue

Auckland, 17 October 2006: Sealegs Corporation Limited (NZX:SLG) today announced it had more than doubled revenues with a record consolidated operating revenue figure for the half year ending 30 September 2006.

The listed marine company reported trading revenue for the six month period of NZ$2,619,100, an increase of 118% on the same period last year of NZ$1,201,180.

Total operating deficit for the half year totaled NZ$499,343, an improvement of 31% over the same period last year deficit of NZ$722,865. The operating deficit of $499,343 is represented by $107,597 in operating deficit and $391,746 from R&D expenses.

Chief Executive Officer, David McKee Wright says "this result shows that the expansion plans we executed early this year have been very successful and that
the company is rapidly moving forward with revenue growth and deficit reduction. Our aggressive policy of writing off R&D costs rather than capitalising them means we are absorbing development costs now even though they are for future year’s models. This should help maximise profit in future years."

Further to this, Mr McKee Wright said “the earnings result, excluding R&D, demonstrates the Company’s ability to break-even next year and then move to profitability.”

Last week Sealegs announced that it had received a total of 18 new amphibious boat orders from its newly appointed distributor in South Korea, Southampton Boat Show customers and Kuwait. These orders represent approximately $1.4 million in forward revenue which is not included in the half year result.

- END -

© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>