Thursday May 15, 09:24 AM
Turbo Power Systems Q1 pretax loss widens; wins $1.5 mln generator order
LONDON (Thomson Financial) - Turbo Power Systems Inc (TPS.TO - news) . reported a wider first quarter pretax loss as it continued to see the adverse impact of the key aerospace cost overrun issue which affected the latter part of 2007.
The electrical machines maker also said it has won a new contract with an expected value of more than $1.5 million with an international engineering corporation for the supply of a 1MW high-speed generator.
The company said pretax loss for the quarter to end-March widened to 2.3 million pounds from 1.4 million a year ago. Production revenue was 1.96 million pounds compared to 2.03 million last year.
The company said it has embarked on a significant cost improvement programme, part of which will potentially include a 10 percent reduction in manpower.
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