British Virgin Islands-registered corporation Nam Tai Electronics, Inc. announced its unaudited results for the first quarter of the year ended March 31, 2012. The first quarter of 2012 for the company was a transitional period between the discontinued product lines of lower-margin and smaller orders and the production of high-resolution LCD modules for tablets and smartphones.
The net sales for the first quarter of 2012 and 2011 excluded the discontinued product business of low-end monocrhome Liquid Crystal Display Panels, the net sales of which were US$11.5 million and US$19.5 million, gross (loss) profit was (US$1.5 million) and US$2.6 million and operating (loss) income was (US$3.5 million) and US$1.2 million for the three months ended March 31, 2012 and March 31, 2011, respectively.
In the first quarter period ended March 31, 2012, the BVI company reported operating loss in the amount of US$2.9 million, and net loss of US$3.6 million in the first quarter of 2012, compared with a net income of US$2.0 million in the first quarter of 2011.
In the first quarter of 2012, the BVI company’s revenue decreased by 33.9% when compared with the same period of the previous year, excluding the contribution from the discontinued business.
Nam Tai Electronics has two separate site-expansion projects in progress – one in Shenzhen and one in Wuxi. It is anticipated that this year both lands will be released to the company, and will be used for the improvement and expansion of its production facilities in both cities in the coming year.