Ballard's net loss shrinks in Q2 2013

Aug 1, 2013 - Canadian fuel cell maker Ballard Power Systems (TSE:BLD) on Wednesday reported a net loss of USD 5.2 million (EUR 3.9m) for the second quarter of 2013, cutting its year-ago deficit of USD 7.4 million.

As a result, loss per share contracted to USD 0.05 from USD 0.09. On an adjusted basis, the company lost USD 4.8 million, or USD 0.05 per share, it said.

Ballard posted adjusted loss before interest, tax, depreciation and amortisation of USD 3.3 million against a loss of USD 6.4 million in the year-ago period. Its gross margin improved by 18 percentage points to 22%.

Total fuel cell product and service revenues in April-June jumped to USD 14.6 million from USD 6.8 million, mainly helped by the improved performance of the company's telecom backup power and engineering services units.

Ballard closed the first half of 2013 with a net loss of USD 13.1 million, against a loss of USD 16.1 million in the first half of 2012. Revenues gained 59% year-on-year to USD 26.9 million.

The Canadian firm reiterated its guidance for 2013, expecting at least 30% year-on-year growth in revenues, while adjusted EBITDA is seen to expand by over 50%.

(USD 1.0 = EUR 0.753)

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