SINGAPORE (Aug 25): Karin Technology, the Hong Kong-based electronic and industrial components and IT solutions distributor, posted FY16 earnings of HK$13.7 million ($2.4 million), down 78.3% lower from a year ago.
Revenue for the 12 months ended June fell 31% to HK$2.2 billion due to a 67.7% fall in revenue contribution to HK$456.7 million from its Consumer Electronics Products (CEP) segment, which saw fierce competition because of an oversupply of certain newly released products. The increase in the number of Apple flagship stores in Hong Kong negatively impacted the business of retail stores.
Revenue from the Components Distribution segment fell 5.9% to HK$865.8 million while revenue from the IT infrastructure segment dipped 0.7% at HK$915.4 million.
