Buckey News on TGN
Turbo Genset Loss Widens as Research Spending Accelerates
London, Oct. 25 (Bloomberg) -- Turbo Genset Inc., a power
generator designer whose customers include General Electric Co.,
said its annual loss widened after research costs rose and it
hired more staff.
The loss widened to 4.2 million pounds ($6 million), or 2.4
pence a share, in the year ended July 31, from 2.8 million, or
1.9p, the previous year. Sales climbed 45 percent to 100,000
pounds. The company's shares rose as much as 7.7 percent.
Turbo Genset, which aims to make a profit in the second half
of 2003, doubled its research spending to 2.8 million pounds in
the year and boosted staff by 40 percent to 140 people as it seeks
to capture orders from the oil and gas industries.
``We are poised to capture a significant share of the market
for our technology,'' Chief Executive Colin Besant said in a
statement on the Regulatory News Service.
Shares in Turbo Genset rose as much as 11.5 pence to 160.
They've fallen 67 percent this year.
--Richard Blackden in the London newsroom on +44 (0) 20-7673-2821
or at rblackden@bloomberg.net and Flavia Krause-Jackson /ck |
