CASING CHANGES:Chief executive Warren Chen said that the impairment loss would be booked under non-operating income, so overall Q3 earnings would not be affected

Taipei Times
Date:  Oct 04, 2017
By: Ted Chen  /  Staff reporter

Lite-On Technology Corp (光寶科技) yesterday announced that its board of directors has approved plans to book asset impairment losses of NT$6.98 billion (US$229.23 million) as it scales down its handset casing business.

The impairment amount is comprised of NT$5.17 billion from the 2007 acquisition of Finnish handset casing maker Perlos Corp and NT$1.81 billion from disposing a part of the company’s production equipment according to actual capacity utilization, it said.

“The handset landscape has evolved rapidly since 2007, with demand for casing materials shifting from plastic to metal, to glass and ceramic,” Lite-On chief executive officer Warren Chen (陳廣中) told a news conference at the Taiwan Stock Exchange.

The loss is expected to affect the company’s third-quarter earnings per share performance by NT$3, Chen said.    [FULL  STORY]