Fittec (HKG:2662) Expects Substantial 1H Loss


Fittec International Group (HKG:2662) expects to record a substantial loss for the six months ended 31 December 2011.

The company considers that the expected loss and decrease in revenue was mainly attributable to (i) suspension of hard disk drive production in Thailand Factory since October 2011 due to severe floods; (ii) the unfavorable business environment that persisted during the period, namely, shortage of labor, rising the minimum wages and raw material cost and appreciation of RMB; (iii) impairment loss on production facilities of Thailand subsidiary after the flood, amounting to HK$68.685 million, which the insurance coverage is adequate to cover the loss, and insurance claims process is in progress; (iv) loss arising from the embezzlement HK$14.717 million which the two criminal suspects has been arrested and the investigation is still on-going.

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