TV and PC monitor manufacturer TPV Technology reported net loss for the 3Q ended Sept almost doubled to US$26.8 million ($38 million) from US$13.9 million a year ago, hit by lacklustre market demand for TVs and monitors as well as unfavourable currency movements.
Revenue for the quarter to Sept fell 9% to US$2.8 billion from $3.1 billion.
Although gross profit margin was maintained at 8.8%, the loss of US$50 million in foreign exchanges, largely attributable to Brazilian Real and RMB’s depreciation, meant TPV barely broke even at operating level.
Shipments and revenues in the TV segment for 3Q were comparable to the figures for the same quarter in 2014. Shipments stood at 4.7 million sets, as against 4.9 million sets a year ago. Revenue held steady at US$1.29 billion as the average selling price (ASP) rose to US$271.60 from US$264.50. Nevertheless, gross profit margin fell to 9.2% from 11.9% due to slower stock rotation and currency impacts.
As for the monitor segment, the PC market remained weak during the quarter despite the launches of new operating systems and products. In sync with market trends, shipments were 12% lower than in the same quarter last year, at 11.2 million units. Segment revenue fell 8.5% to US$1.24 billion even as ASP rose to US$111.40.
For the 9M ended Sept, TPV Technology posted a loss of US$90 million, compared to the loss of US$60.2 million a year ago.
TPV Technology says the outlook for the macro economy remains uncertain. Nevertheless, in view of the coming holiday season, which is the peak selling period in many parts of the world, the group is anticipating a robust fourth quarter.
TPV Technology last traded 2.7% at 19 cents.
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Revenue for the quarter to Sept fell 9% to US$2.8 billion from $3.1 billion.
Although gross profit margin was maintained at 8.8%, the loss of US$50 million in foreign exchanges, largely attributable to Brazilian Real and RMB’s depreciation, meant TPV barely broke even at operating level.
Shipments and revenues in the TV segment for 3Q were comparable to the figures for the same quarter in 2014. Shipments stood at 4.7 million sets, as against 4.9 million sets a year ago. Revenue held steady at US$1.29 billion as the average selling price (ASP) rose to US$271.60 from US$264.50. Nevertheless, gross profit margin fell to 9.2% from 11.9% due to slower stock rotation and currency impacts.
As for the monitor segment, the PC market remained weak during the quarter despite the launches of new operating systems and products. In sync with market trends, shipments were 12% lower than in the same quarter last year, at 11.2 million units. Segment revenue fell 8.5% to US$1.24 billion even as ASP rose to US$111.40.
For the 9M ended Sept, TPV Technology posted a loss of US$90 million, compared to the loss of US$60.2 million a year ago.
TPV Technology says the outlook for the macro economy remains uncertain. Nevertheless, in view of the coming holiday season, which is the peak selling period in many parts of the world, the group is anticipating a robust fourth quarter.
TPV Technology last traded 2.7% at 19 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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