8 Jul 2015

Energy Mad losses shrink after it sheds jobs

3:44 pm on 8 July 2015

Light bulb company, Energy Mad, says it is closer to making a profit, but is still in the red.

It said its unaudited operating loss for the first quarter of the 2016 financial year was $200,000.

The operating loss for the same period last year was $500,000, with a loss of $2.9 million for the full 2015 financial year.

The company's managing director, Chris Mardon, said expenses had been cut - mainly as the sales team had been turned into an out-of-house agency.

He said he was confident it would make a profit this year.

"We're getting very close to our break-even now and we are about half a million dollars a quarter away from hitting our revenue required to break-even," he said.