4 Mar 2009

Wind turbine company reduces loss

12:35 pm on 4 March 2009

Windflow Technology has posted a loss of just over $1 million in the six months to December, despite a four-fold increase in revenue.

However, the loss was an improvement on the $2.5 million the company lost in the same period a year earlier.

Windflow Technology makes wind turbines.

Revenue went from $2.9 million to $11.8 million, which the company says was less than was expected, as it was affected by delays to windfarm developments and supplier quality control issues.

Windflow says it will also post a net loss in the full year.

It says it will watch changes to the Resource Management Act and a review of the Emissions Trading Scheme very carefully.

Windflow says it's investigating other markets for its turbines as the American government in particular focuses on renewable energy to stimulate its economy.