Christchurch-based energy efficient light bulb manufacturer Energy Mad has announced a better-than-expected result for the first quarter.
As Stuff.co.nz reports, the company has announced an unaudited EBITDA (earnings before interest, tax, depreciation and amortisation) profit for the first quarter.
Energy Mad posted a loss of $1.5 million for the 12 months ended March 31 and has consistently undershot both prospectus and earnings guidance since listing on the NZX in late 2011.
According to Energy Mad managing director Chris Mardon, the first quarter profit comes despite the fact that the company’s 12V bulbs have not yet gained accreditation for the Victorian and New South Wales energy efficient schemes.
Also, the company has not yet fulfilled its next order of light bulbs from United States drugstore chain Walgreens.
Mardon attributed the good result to the improved performance of its direct installation business, the implementation of the cost reduction steps which were initiated in the final quarter of FY13, and a positive foreign exchange gain.
In June, Energy Mad agreed to sell its 20 per cent stake in its Chinese joint venture factory for NZ $1.7 million ($1.4 million). As part of the agreement, the company will retain its preferential supply, payment and exclusivity terms with the factory.