Azure Dynamics Q1 net loss widens on low revenue and high expenses |
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Published
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Wed, 09 May 2007 09:37
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LONDON (Thomson Financial) - Azure Dynamics Corp reported a wider first-quarter net loss on lower revenues and higher expenses related to the development of the Ford P1 parallel hybrid vehicle and the ramp-up of its G1 series progresses.The electric power-trains maker posted a net loss for the six months to end March 31 of 6.51 mln usd compared with 4.57 mln usd a year earlier. Revenues fell to 156,000 usd from 1.15 mln usd on decreased activities in funded engineering contracts in the Boston operation.Total expenses rose sharply to 6.74 mln usd from 4.96 mln usd as engineering, research, development and related costs increased to 3.95 mln usd from 2.42 mln usd last time.'In an effort to reduce costs as well as to ease interaction with the major suppliers and strategic partners, Azure will establish a new corporate head office and development centre in the heartland of the North American automotive industry,' the company said, adding it expects cost savings or more than 1.6 mln usd a year.The company said it is now seeing positive market traction resulting from its relationships with Ford, StarTrans and Kidron.TFN.newsdesk@thomson.comkkb/pmi/amCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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