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Career Tech 3Q14 profits affected by Wintek bad debts -

Post:2014.11.17 Hits:478

 Career Tech 3Q14 profits affected by Wintek bad debts -

Uncollected accounts receivable from Wintek, which filed for bankruptcy protection last month (October 2014), hurt profitability at flexible PCB maker Career Technology during the third quarter of 2014. Career Tech has more than NT$300 million (US$9.8 million) of uncollected accounts receivable from Wintek. Operating expenses at Career Tech increased to NT$397 million in the third quarter, and therefore affected its profits. Career Tech said it will continue negotiating with the client to confirm a schedule for collection. Career Tech posted net profits of NT$93 million for the third quarter, compared to NT$193 million during the same period of 2013. Net EPS for third-quarter 2014 came to NT$0.29. Career Tech's net profits for the first three quarters of 2014 totaled about NT$191 million, or NT$0.59 per share, compared to NT$0.72 a year ago. Career Tech expects sales growth in the fourth quarter citing full utilization rates in both October and November. Career Tech reported consolidated revenues of NT$2.165 billion for October 2014 hitting a monthly high.