Hard-disk drive maker JCY International posts RM12.8m net loss in Q3

JCY International Bhd posted net losses of RM12.87mil in the third quarter ended June 30, 2013 compared with a hefty earnings of RM105.20mil a year ago.

The hard-disk drive manufacturer said on Monday the decline was due mainly to the reduction in volume shipped and reduction of average selling prices.

JCY's revenue fell 29.9% to RM401.69mil from RM 105.14mil. Its loss per share was 0.63 sen compared with earnings per share of three sen.

For the nine-months ended June 30, 2013, its net losses rose to RM59.33mil from earnings of RM430.74mil in the previous corresponding period. Its revenue fell 30.9% to RM1.179bil, down from RM1.708bil.

JCY said the poorer financial performance was due mainly to the lower revenue and higher operating costs for the reporting quarter as a result of lower output caused by reduction in global demand for the hard-disk drives and resumption by other suppliers of the mechanical components of the HDD after the Thailand floods.

Quarterly rpt on consolidated results for the financial period ended 30/9/2013
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