Orbital Engine Corporation has announced an after tax loss for the half- year ended 31 December 2002 of $2.9 million compared to a $20.7 million loss in 2001. The results were described by Orbital as in line with expectations.
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The company said that the $17.8 million improvement in its first half result demonstrates that the company is benefiting from the initiatives taken to improve operating performance as well as the resolution of several long-standing issues.
Orbital said that it has been restructured and resized to ensure the conservation of cash whilst still providing customers with the necessary level of support to enable growth in revenue.
The company said that in 2002 it was 30% ahead on fees for service engineering activity.
The company highlighted as a positive development the restructuring and refinancing of Synerject, Orbital’s joint venture with Siemens VDO Automotive. Orbital said that Siemens VDO’s continued commitment to Synerject removes the uncertainty that had existed over their future involvement in the venture, as well as addressing the market’s concern over on-going finance.
