November 14, 2011 / 9:49 PM / 7 years ago

UPDATE 1-Azure Dynamics Q3 loss widens on higher costs

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Nov 14 (Reuters) - Azure Dynamics posted a wider third-quarter net loss on higher cost of sales, and the auto component maker said it expects revenue for the year to be at the lower-end of the forecast range.

July-September net loss rose to C$9.8 million, or 1 Canadian cent per share, from C$6.7 million, or 1 Canadian cent a share, a year ago.

Quarterly revenue rose nearly seven-fold to C$12.4 million, helped by improved performance at its European operations.

Azure expects revenue for the year to be at the lower end of C$38-C$45 million.

The company, which makes components for electric and hybrid electric vehicles, said tight municipal budgets will likely squeeze sales going forward. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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