SOLAR, FOREX WOES:The NT dollar’s appreciation and falling solar product prices hit the company hard last quarter, but it expects its solar business to bounce back
Date: Nov 15, 2016
By: Lauly Li / Staff reporter
Inventec Corp (英業達) yesterday reported a far weaker-than-expected net profit of NT$1.21 billion (US$37.87 million) for last quarter, dragged down by an unprofitable solar power business and foreign-exchange losses.
The results were 27.1 percent lower than consensus estimates of NT$1.66 billion.
The contract electronics maker saw its net income plunge 37.62 percent from the NT$1.94 billion profit reported for same period last year and fall 14.18 percent from the previous quarter’s NT$1.41 billion.
“The New Taiwan dollar’s appreciation and falling average selling prices of solar power products significantly hurt Inventec’s profitability,” chief financial officer Yu Chin-pao (游進寶) told an investors’ conference at the company’s Taipei headquarters. [FULL STORY]