Thursday 9th September 2010
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[UPDATED - with correct share price] Turbine maker Windflow Technology has revised its loss for the year ended June 30 upwards to $7.95 million because of costs of remedial work for customer NZ Windfarms.
The manufacturer had previously estimated the loss at $5 million to $6 million. The increased loss “arises from additional provisions WTL has recorded in respect of the full costs of remedial work arising from the agreement reached with NZ Windfarms,” it said.
The larger loss also reflects a reassessment of the Company’s warranty cost requirements for the next five years, it said.
“Although this review has resulted in an increased level of provisioning, I am comforted that the warranty costs relating to our new and unique technology are at the low end of international norms,” chief executive Geoff Henderson said.
Shares of Windflow fell 4.4% to $1.10 on the NZX today.
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