Tony,
Acer blames Intel chip shortage for soft sales:
Friday April 28, 5:34 am Eastern Time
UPDATE 1-Acer's Q1 net soars 421 pct year/year
(Adds details)
TAIPEI, April 28 (Reuters) - Taiwan's largest personal computer maker Acer Inc said on Friday its first quarter net profits soared 421 percent year on year to T$2.747 billion in the first quarter of 2000, mostly due to rising investment income.
First quarter sales dropped 11 percent year-on-year to T$28.839 billion from T$32.398 billion, Acer said in a statement. Acer attributed the sales decline to chip supply shortages from microchip maker Intel Corp (NasdaqNM:INTC - news), but did not elaborate.
The statement said first-quarter earnings per share were at T$0.88, compared with T$0.18 in the same 1999 period.
Acer said it earned T$523 million from selling stake sin Taiwan Cellular, the unlisted mobile telephony arm of Pacific Electric Wire and Cable , and shares in other companies.
The sale of a loss-making microchip joint venture with Taiwan Semiconductor Manufacturing Co also helped the bottom line, Acer said.
The company said it had reached 22.9 percent of a T$12 billion net profit target for 2000 by the end of the first quarter, with sales hitting 19.2 percent of a T$150 billion target.
Acer has set a full-year earnings per share target of T$3.19 for 2000.
On Friday, shares of Acer rose the daily seven percent volatility limit to T$64 amid a sharp advance in technology shares.
(US$ equals T$30.62) |
