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NewsUpdate JCY posts 3Q loss of RM12.8m vs profit of RM105m a year ago
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Update JCY posts 3Q loss of RM12.8m vs profit of RM105m a year ago
by Cals Mon 19 Aug 2013, 21:22
Update JCY posts 3Q loss of RM12.8m vs profit of RM105m a year ago
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Monday, 19 August 2013 18:55
KUALA LUMPUR (Aug 19): JCY International Bhd posted a net loss of RM12.8 million for its third quarter ended June 30, a reversal from the RM105.2 million in net profit recorded in the previous year corresponding quarter.
Revenue was also lower at RM401.7 million, compared with RM573.1 million previously.
In a filing with Bursa Malaysia, JCY said the loss was due to the lower revenue and higher operating costs for the reporting quarter.
"[This was] a result of lower output caused by reduction in global demand for the HDD and resumption by other suppliers of the mechanical components of the HDD after the Thailand floods," it said.
"In addition, our customers have also tightened up their quality requirement and this has resulted in lower yields for our output, our cost of sales has increased accordingly for the periods under review," it added.
For its nine months ended June 30, JCY recorded a net loss of RM59.3 million, compared to RM430.7 million in profit at the same time last year.
Revenue was RM1.2 billion, down from RM1.7 billion in 9MFY12.
"This was due mainly to the reduction in volume shipped and reduction of average selling prices," said JCY.
"The foreign exchange loss of RM7.4 million for the current quarter and foreign exchange gain of RM12.3 million for the year-to-date period were due mainly to the revaluation of financial assets and liabilities," it said in its filing.
Looking forward, JCY said the impact of declining PC sales has been a concern for the HDD industry.
"Despite anticipated PC unit declines, HDD units and revenue are expected to grow over the next few years driven by growth in personal, private, and public cloud storage," it said.
"Barring unforeseen production and market changes, we expect to maintain our market share of the these mechanical HDD components for the near future. Our automation process to minimize our reliance on the manual labours and continuing emphasis on productivity improvement will result in further cost reduction for our operations," it added.
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Monday, 19 August 2013 18:55
KUALA LUMPUR (Aug 19): JCY International Bhd posted a net loss of RM12.8 million for its third quarter ended June 30, a reversal from the RM105.2 million in net profit recorded in the previous year corresponding quarter.
Revenue was also lower at RM401.7 million, compared with RM573.1 million previously.
In a filing with Bursa Malaysia, JCY said the loss was due to the lower revenue and higher operating costs for the reporting quarter.
"[This was] a result of lower output caused by reduction in global demand for the HDD and resumption by other suppliers of the mechanical components of the HDD after the Thailand floods," it said.
"In addition, our customers have also tightened up their quality requirement and this has resulted in lower yields for our output, our cost of sales has increased accordingly for the periods under review," it added.
For its nine months ended June 30, JCY recorded a net loss of RM59.3 million, compared to RM430.7 million in profit at the same time last year.
Revenue was RM1.2 billion, down from RM1.7 billion in 9MFY12.
"This was due mainly to the reduction in volume shipped and reduction of average selling prices," said JCY.
"The foreign exchange loss of RM7.4 million for the current quarter and foreign exchange gain of RM12.3 million for the year-to-date period were due mainly to the revaluation of financial assets and liabilities," it said in its filing.
Looking forward, JCY said the impact of declining PC sales has been a concern for the HDD industry.
"Despite anticipated PC unit declines, HDD units and revenue are expected to grow over the next few years driven by growth in personal, private, and public cloud storage," it said.
"Barring unforeseen production and market changes, we expect to maintain our market share of the these mechanical HDD components for the near future. Our automation process to minimize our reliance on the manual labours and continuing emphasis on productivity improvement will result in further cost reduction for our operations," it added.
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