GMI Technology Inc. (Public, TPE: 3312) has announced financial results for the 3rd quarter of their fiscal year 2011. For the three month period ending September 30, 2011 net revenue was US$ 93.5 million, a decrease of 7% versus the same period in 2010. After-tax net profit for the three month period was US$ 908K, an increase of 24% versus the same period year ago. For the nine month period ending September 30, 2011 net revenue was a record $US 299M an increase of10% versus the same period in 2010.
Commenting on the announcement, Lewis Lo, president of GMI Technology, said, “We are pleased with our strong improvement in our net profit, especially in light of the challenging worldwide economic situation. Our net revenue results were disappointing from a year over year standpoint, but on a year to date basis we are on track to our business target for 2011. Despite the continued difficult worldwide economic environment, coupled with the potential impact of the Thailand flooding on the HDD business, GMI Technology continues to be optimistic about our long term future growth.”