BVI-registered holding company Global-Tech Advanced Innovations Inc., operating in the sector of home appliances and electronic components, has filed its annual report for the fiscal year ended March 31, 2013. For this year, company’s net sales were US$81.1 million – this is approximately 16.4% increase from fiscal 2012 with net sales of US$69.7 million. Net loss for the year 2013 was US$2.0 million, or US$0.65 per share, compared to a net income of US$1.4 million, or US$0.46 per share, in fiscal 2012.
For the fourth quarter of fiscal year 2013, net sales were US$13.9 million (US$15.5 million in the fourth quarter of fiscal 2012). Also, in Q4 2013 net loss was US$2,3 million, or US$0.75 per share, compared to a net loss of US$1.5 million, or US$0.51 per share, for Q4 2012.
Despite losses in fiscal 2013, Global-Tech’s cash flow remained positive as net cash position increased approximately US$1.9 million to US$42.2 million, due to a significant reduction in accounts receivables.
Global-Tech Advanced Innovations Inc. owns subsidiaries that manufacture and market a diversified portfolio of products, for example, complementary metal oxide semiconductor (CMOS) and camera modules (CCMs). The primary focus of its subsidiaries is to develop and market high-quality products for the communications industry in China and export such products to markets in other countries throughout the world.