VMT – Vmoto Limited

LONDON–Vmoto Ltd. (VMT.AU), a global manufacturer and distributer of Electric Powered Scooters, said Wednesday it made a net profit of 40,000 Australian dollars in July, which although lower than June’s A$80,000 includes one-off expenses in opening additional Chinese retail stores, and maintains its forecast to make a profit in 2013.

MAIN FACTS:

-As previously announced, Company anticipates that it will make a maiden annual profit for the financial year ending Dec. 31 of between A$300,000 and A$600,000.

-PowerEagle electric scooter production on track for 42,000 units to end of 2013, 24,600 units produced to end of July.

-Three Vmoto retail stores opened in China within two months; positive retail trading, roll out of further stores planned.

-Company is also progressing the fast track development of four more of Vmoto’s own models, to add to the six models currently being sold into the Chinese domestic market.

-Vmoto has approached by a number of parties operating in the electric vehicle sector for collaborations or joint ventures; discussions with such groups are ongoing.

-Shares at 0705 GMT up 9.62% at 1 pence valuing the company at 11.65 million pounds.

-Write to Ian Walker at ian.walker@wsj.com

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(END) Dow Jones Newswires

August 21, 2013 03:13 ET (07:13 GMT)