West Auckland s Grinding Gear Games clocks huge profit amid pandemic
15 Mar, 2021 04:00 PM
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New Zealander Chris Wilson accepts British Academy Games Award for Best Evolving Game while still in lockdown. Video / BAFTA
New Zealander Chris Wilson accepts British Academy Games Award for Best Evolving Game while still in lockdown. Video / BAFTA
West Auckland-based, China-owned Grinding Gear Games has seen another big jump in revenue and profit amid global lockdowns. The Henderson-based company booked $113.4 million revenue for the 12 months to September 30, 2020 - versus the $99.2m it booked in 2019 and its 2018 receipts of $73.3m.
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Pre-tax profit was $77.4m, after-tax profit $51.9m (vs $48.6m in 2019 and $33.4m in 2018).
Westport Fuel Systems & Scania partner on direct-injected hydrogen engine research project
Westport Fuel Systems will begin a research project with Scania to apply an HPDI 2.0 fuel system with hydrogen to the latest Scania commercial vehicle engine. Preliminary test results are expected in the second half of 2021.
Our specialty is working with gaseous fuels. Hydrogen use in an internal combustion engine with our HPDI fuel system could offer another cost-competitive pathway to reduce CO
2 emissions from transportation. This exciting evolution of our patented technology could provide an economic, competitive alternative to fuel cells while providing a similar greenhouse gas emission reduction profile.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated November 9, 2020 to its final short form base shelf prospectus for the Province of
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the research project with Scania, timing for and completion of the preliminary test results from such project and the benefits and potential of hydrogen as a transport fuel. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those related to COVID-19, it’s duration, effects and government responses thereto, the general economy, solvency, governmental policies and regulation, the demand for HPDI 2.0 injectors and there utility when used