29th Apr 2014 12:35
LONDON (Alliance News) - Electric scooter manufacturer Vmoto Ltd Tuesday said that trading in the first quarter was in line with management expectations.
Vmoto said it continued to grow earnings, and turned cash flow positive, generating a net profit after tax of approximately AUD230,000 for the first quarter ended March 31.
During the quarter, the company opened a further three retail stores in China, taking its total to 13 retail stores at the end of March.
Vmoto said it sold approximately 8,100 units of PowerEagle electric scooters in the first quarter.
It said that while orders with E-Tropolis remained slow during the quarter, it is in talks to increase orders in the coming months in time for the European summer.
Vmoto said it sold 72 units of its electric "delivery" scooters to its Malaysian Original Equipment Manufacturer customer during the quarter.
It said it received initial orders for 150 units of its electric "delivery" scooters from its Brazilian distributor in January, and delivered 112 units in March. These scooters are being supplied to Correios, the country's national postal service.
Post quarter-end, Vmoto said it signed a distribution deal with Euro Ebike Company Ltd, for the order of at least 1,200 units by the end of August 2015.
Vmoto said that under the deal, Euro Ebike Company, which is focused on selling "green" vehicles, will distribute, stock and market the company's Vmoto and E-Max range of electric scooter products in Vietnam.
The company said it is also seeking other means of increasing its own branded sales in China, and is in discussions with other electric vehicle distributors or parties for potential collaboration or joint venture opportunities.
Vmoto shares were up 1.5% at 2.74 pence Tuesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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