Vancouver-based Westport Innovations Inc. (TSX:WPT) reported a wider net loss despite a 7.3% increase in revenue for the year ending March 31, 2010.
Revenue for the developer of engines that use alternative fuels like natural gas rose to $130.7 million from $121.8 million.
Net loss for the year widened to $37.6 million from $24.4 million. The difference was attributed to a smaller net gain in the sale of investments of $2.9 million in 2010 compared to a net gain of $11.9 million in 2009.
David Demers, Westport’s CEO said, “We’ve accomplished our goals in revenue for the quarter and beat last year’s revenue performance despite tough market conditions. Our partnership with Volvo is progressing and our joint venture with Weichai has received government approval. Both tracks have established a clear path for product development and an opportunity to significantly impact our future revenue stream.”
Westport’s share price range during the past week: between $16.30 and $17.20; 52-week high: $20.73; 52-week low: $6.27.