Ritek returns to profits in 1Q07
Ritek published its financial figures for the 1Q of this year, posting net profits of NT$101.5 million after suffering net losses consecutively for 10 quarters since the 3Q of 2004. This was mainly because Ritek modified its production equipment to raise yield rates and formed strategic alliances with a few OEM clients in 2006. It seems that recordable media business is quite demanding to make a profit.
Ritek’s board of directors, at a meeting on April 27, approved the company’s 2006 financial report, with net losses of NT$12.275 billion (US$368.6 million) and net losses per share of NT$5.76 both the highest annual levels ever on record, according to the company. Ritek also published its financial figures for the first quarter of this year on April 27, posting net profits of NT$101.5 million after suffering net losses consecutively for 10 quarters since the third quarter of 2004.Ritek suffered pre-tax losses of NT$11.939 billion in 2006 mainly due to; net operating losses of NT$1.032 billion, a total loss of about NT$9.0 billion from non-operating investments, net losses of NT$620 million from foreign exchange, and a total loss of about NT$900 million in the value of inventory and financial assets, according to the company’s financial report.
Source: DigiTimes
