Windflow Technology Ltd has reported a $2.25 million loss in the six months to December 31 and is not paying a dividend.

The loss was an improvement from a $3.3 million loss last year. Sales revenue of $2.9m was up from $2.4m last year and was mostly from the sale of wind turbines to New Zealand Windfarms. There was additional income of $489,724, up from $399,967 last year.

The company raised $5.04 million in a rights issue in November. It has potential to raise a further $5.5 million in September when the tradable options, attached to the shares issued last year, are exercisable.

The company said it has received orders for 30 turbines for the Te Rere Hau windfarm. This brings to 44 the number of turbines either in production, or scheduled for production.

"We are able to report that we, for the first time, have produced a positive gross profit from the manufacture of turbines, while as expected remaining in a loss position overall once the expenditure for non-recurring and overheads is deducted," the company said.