30th Jan 2014 11:15
LONDON (Alliance News) - Electronic scooter manufacturer Vmoto Ltd said Thursday it had another profitable quarter and trading for 2013 as a whole is in line with expectations, expecting to make its first maiden annual profit for the financial year just ended.
Vmoto said it made a net profit of AUD590,000 in the fourth quarter ended December 31 2013, and it expects to achieve its first maiden annual profit for the 2013 financial year of between AUD300,000 and AUD600,000.
It said it sold approximately 10,365 units sold to Shanghai PowerEagle International Co Ltd in the final quarter, and reached its overall production forecast for PowerEagle's forecast production of 42,000 units for the year.
The group said it sold over 1,900 Vmoto units in the final quarter of 2013 from its 10 Chinese stores.
Vmoto said it has made a good start to its new financial year, and it is in discussions with a range of potential new customers, particularly in India, Vietnam, Brazil and Thailand.
It said it continues to deliver on its existing original equipment manufacture agreement with PowerEagle and is planning to open additional stores in China to increase the retail distribution opportunities, and is also in discussions with parties already operating in the electric vehicle market for potential collaboration or joint venture opportunities.
The group said it intends to release is full-year results in March.
Vmoto shares were trading at 2.36 pence per share Thursday morning, down 10.9%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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