Ballard revenue rises in fourth quarter

Ballard officials told analysts on Tuesday it believes it can cut production costs of the Mark 900 by 40 percent in 2001, which will make it more price competitive with internal combustion engines.

Published: 20-Feb-2001

VANCOUVER, British Columbia, Feb 20 (Reuters) - Fuel-cell developer Ballard Power Systems (BLD.TO);CAN:TOR:;BLD (BLDP.O);USA::;BLDP said on Tuesday fourth-quarter revenue jumped as orders rose on product field tests and from increased investment income.

Ballard said it will again focus on development rather than commercial production in 2001, but sees significant cost reductions on the cells aimed at automobiles and is eyeing new products for use in the stationary backup power market.

The company recorded a net loss of C$46.7 million ($30.3 million), or 53 Canadian cents per share, in the quarter ended Dec. 31 compared with losses of C$25.8 million, or 31 Canadian cents per share, in the year-earlier period.

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