29 Nov 2012

More losses by lightbulb company

12:25 pm on 29 November 2012

Losses have widened at Energy Mad. The lightbulb company lost $454,000 in the six months to September, an increase of 36% compared with the same period a year ago.

Sales rose by half to $4.8 million, though that's half of what it forecast in its prospectus when it listed in October last year.

Energy Mad's sales stumbled in Australia due to manufacturing glitches with its ecobulbs that restricted sales, while costs shot up supporting the expansion of its operations in Australasia and the US.

Looking ahead, the company is picking sales could vary between $13 - $20 million depending on growth, which is still below the forecasts it made at its initial public offering.

That translates into a small annual profit of between $100,000 and $2 million.

Shares in Energy Mad fell 5 cents to 54 cents each on Thursday.