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TPV Technology sinks into the red in 3Q

Michelle Zhu
Michelle Zhu11/24/2017 07:57 AM GMT+08  • 2 min read
TPV Technology sinks into the red in 3Q
SINGAPORE (Nov 24): TPV Technology announced a loss of US$19.6 million ($26.4 million) for the 3Q17 ended Sept compared to profits of US$18.6 million in 3Q16.
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SINGAPORE (Nov 24): TPV Technology announced a loss of US$19.6 million ($26.4 million) for the 3Q17 ended Sept compared to profits of US$18.6 million in 3Q16.

This was due to a US$21 million inventory provision, higher selling expenses and the fair market valuation loss from foreign exchange (forex) hedges.

Revenue was largely unchanged at US$2.5 million compared to a year ago, with an improvement of gross profit margin to 8.2% from 7.9% in 3Q16 on the back of a favourable foreign exchange environment.

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