Sealegs narrows first-half loss on sales of more profitable models

Wednesday 14th November 2012

Sealegs Corp, which makes amphibious boats, reported a narrower first-half loss as it increased sales of more profitable models catering for the luxury market.

The loss was $133,998 in the six months ended Sept. 30, from a loss of $1.17 million a year earlier, the Auckland-based manufacturer said in a statement to the NZX. Sales rose 11 percent to $7.6 million.

The company invoiced for 50 boats in the first half, little changed from 49 boats a year earlier, though its average unit price rose as it introduced new top-end models such as a 7.7 metre cabin boat and a 7.7 metre wide console craft in the New Zealand, Australian and UK markets.

Sealegs also earned license revenues for the first time, with a firm called Smuggler Boats paying to use its technology.

"The opportunity exists to provide Sealegs technology on a license basis to a significant number of third party boatbuilders around the world," chairman Eric Series said.

Shares of Sealegs last traded at 13 cents, valuing the company at $15.8 million, and have gained 14 percent in the past six months.

BusinessDesk.co.nz

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