Losses for NZ company

Energy Mad's books slip further into red

Efficient lightbulb maker Energy Mad lost $1.1 million in the year to the end of March.

Radio New Zealand,

28 May, 2012

The company had lost $80,000 in the previous year.

Before listing last year, it had forecast a profit of $2.1 million.

Energy Mad has battled delays at its bulb manufacturing plant in China and has taken longer to gain accreditation and fill orders than originally thought.

But the company says those issues have now behind it and it recently secured a deal to supply its bulbs to Walgreen Drug Stores in the United States.

Sales of its Ecobulb Downlights have been strong in the Australian states of New South Wales and Victoria while sales in its installation business have quadrupled in the last four months.

Energy Mad thanked investors for their capital and their patience, and says it's sticking with the 2013 forecasts it issued in its initial public offering which included a $4 million profit.

Meanwhile, Philip James has resigned as a director of Energy Mad to focus on professional interests in Australia.

The company will start searching for a replacement director., speaking at a regional conference on Afghanistan, called for the immediate withdrawal of foreign troops from the country and proposed that NATO use part of its military budget to help revive the Afghan economy..