GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 1st quarter of fiscal year 2012. For the three month period ending March 31, 2012 net revenue was US $ 103.5 million, an increase of 5% versus the same quarter in 2011. After-tax net loss for the period was US$ 282 thousand, versus an after-tax net profit of US$ 653 thousand in the same quarter in 2011.
Commenting on the announcement, Mr. Lewis Lo, president of GMI Technology, said, “While we are very pleased with our continued consistent revenue growth in what is traditionally a slow quarter, our bottom line results were below our expectations. Our net profit results were affected by the continued appreciation of the Chinese currency resulting in a foreign exchange loss, and also due to some late postings of vendor rebates for GMI Technology incentive achievements. Despite the still recovering worldwide economic environment, GMI Technology is cautiously optimistic about the remainder of 2012 and our long term future growth.“
Detailed financials can be found on GMI Technology is website at pssysnc.com.cn.