Global-Tech Advanced Innovations Inc., the holding company based in BVI and operating in various business segments, announced the results for the fiscal year ended March 31, 2014. For the reported period, company’s net sales were US$62.7 million – as compared to US$66.8 million in fiscal year 2013. Net loss for fiscal 2014 was US$10.7 million, or US$3.47 per share (compared to US$2.1 million, or US$0.65 per share, in the previous year).
In the fourth quarter of fiscal 2014, company’s net sales were US$17.7 million (compared to US$13.9 million in the fourth quarter of fiscal 2013). Net loss for Q4 2014 was US$3.2 million, or US$1.04 per share (compared to US$2.3 million, or US$0.75 per share, for the same quarter in fiscal 2013).
The loss from discontinued operations announced by Global-Tech Advanced Innovations in fiscal 2014 was US$5.5 million, compared to US$2.6 million in the last year. In 2013, electronic manufacturing services business of the BVI company became a discontinued operation.
Global-Tech’s President and CEO John C.K. Sham commented on the financial results of the company: “During fiscal 2014 our remaining operations, namely electronic components, did not generate sufficient income to cover expenses, primarily due to pricing concessions caused by intense market competition. Despite an increase in unit volume of approximately 8%, net sales declined approximately 7%… We expect unit volume within our electronic components business to grow in fiscal 2015 and, provided that we are able to improve yields and increase productivity in our new COB operation, the electronic components business should gradually return to profitability.”