Exchange rates drag on Inventec profits

BITE-SIZED:Reports that Inventec are to assemble Apple Inc’s planned ‘smart’ home device — an AI voice-controlled assistant — have been dismissed as ‘market speculation’

Taipei Times
Date: May 16, 2017
By: Lauly Li / Staff reporter

Inventec Corp (英業達) yesterday reported that net income last quarter fell to its lowest level since the fourth quarter of 2012, dragged down by foreign exchange losses of NT$1.2 billion (US$39.79 million).

Net profit plummeted 44.87 percent to NT$678 million, from NT$1.23 billion a year earlier, and was 61.69 percent lower than the prior quarter’s NT$1.77 billion, Inventec data showed.

“The New Taiwan dollar sharply appreciated 6 percent in the first quarter, which put immense pressure on Inventec’s profitability,” chief financial officer Yu Chin-pao (游進寶) told an investors’ conference at the firm’s headquarters in Taipei.

Inventec’s loss-making solar power business continued to erode earnings generated from the company’s information and communications technology segment, Yu said.

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