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Vmoto quizzed by ASX on earnings update

AAP logoAAP 29/11/2016

Electric scooter maker Vmoto has been questioned by ASX over the timing of a trading update which downgraded its 2016 earnings guidance from an underlying profit to a net loss.

Vmoto, which manufacturers scooters in China, forecast on November 24 that the company would suffer an underlying net loss of $1 million to $1.2 million in the financial year, instead of a net profit of $1.8 million to $2 million as previously stated.

Replying to an ASX query on Tuesday, Vmoto said it became aware on November 23 that orders in the fourth quarter of the year would be less than expected, releasing the revised earning guidance before the market reopened the following morning.

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