11 May 2010

First profit reported by boat builder

12:31 pm on 11 May 2010

Sealegs has made its first profit, after posting an after-tax full year profit of $407,000.

Sales by the listed boat builder for the year to the end of March were flat at $11.4 million, but the company's operating profit more than doubled to $642,000.

This compares to a loss of more than $860,000 last year.

Chief executive David McKee Wright says the result reflects changes in the company's sales strategy and a reduction in expenses.