27th Feb 2014 12:54
LONDON (Alliance News) - Electronic scooter manufacturer Vmoto Ltd Thursday said it made a AUD404,460 net profit in 2013, its first ever annual profit, after it ramped up production, launched new models and opened up new stores in China.
In a statement, Vmoto said it expects to grow again in 2014 as it further ramps up output for the Chinese and domestic markets.
The company had said in late January that it expected to make a profit of between AUD300,000 and AUD600,000 for 2013 after it made a net profit of AUD590,000 in the fourth quarter.
Thursday, it said it had produced 60,500 units at its manufacturing plant in 2013, a significant increase on 2012, and had met the production schedule for its PowerEagle cooperation deal, producing 44,235 units for that customer.
It added that it had opened 10 retail stores in China in the secodn half of the year, selling over 3,700 units from its China stores over the year as a whole.
Vmoto shares were down 4.6% at 2.10 pence Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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