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

 


Energy Mad projects $1.1m loss vs. $4m profit in prospectus

Energy Mad projects $1.1m full year loss vs. $4m profit in prospectus

Feb. 27 (BusinessDesk) - Energy efficient lightbulb innovator and marketer Energy Mad has issued the latest in a string of downgrades since its listing in late 2011 and is now projecting a loss of $1.1 million for the year to March 31.

That compares with a $4 million forecast profit in its 2011 prospectus and a revision just two months ago to expect a profit at the low end of a range between $100,000 and $2 million.

The latest downward revision has been caused by "delays in securing a further large United States order before the end of the current financial year."

The business has already faced manufacturing problems at its plant in China and slower than anticipated regulatory approvals in Australia, which have held back growth projections across the Tasman.

The company is embarking on a cost-cutting drive to find $900,000 in operational savings and has dispensed with the role of chief operating officer.

Energy Mad also announced today its chief financial officer, Paul Ravlich, would become chief executive, replacing managing director Chris Mardon, who will be freed up to focus on sales growth, particularly the 12 volt Ecobulb in the Australian market and opportunities in the US with retailer Walgreens and with electricity utility operators.

Shares of Energy Mad last traded at 42 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news