Shares of Ya Hsin Industrial Co (
The company's shares plunged nearly 7 percent to close at NT$21.95 on the Taiwan Stock Exchange (TSE) yesterday, marking their lowest level since 2001.
Ya Hsin told the stock exchange on Tuesday that a new computer system was the cause of a miscalculation in its financial report for last year.
In February the manufacturer released its non-audited financial results for last year, reporting sales of NT$37.92 billion (US$108 million), net income of NT$3.58 billion, and earnings per share (EPS) of NT$3.37.
But the company now said the actual figures were supposed to be NT$27.5 billion in sales, a net income of NT$1.2 billion and an EPS of only NT$1.32.
"We changed the computer system last September and the sales figures were wrongly keyed in. We also failed to adjust the actual order shipments," the company said in the filing to the stock exchange.
Because of the mishap, the stock exchange restricted share trading of Ya Hsin to cash transactions only as of next Monday.
If the maker fails to restate an accountant-certified report by the end of the month, its shares will be further suspended from trading on the bourse.
A more severe measure of delisting will be imposed if such a situation persists in the next six months, TSE said.
TSE started to conduct checks on Ya Hsin after the company denied last month reports that it had encountered financial difficulties and failed to settle over NT$80 million in payments for suppliers since last December.
Unfazed by these negative factors, Ya Hsin expects a brisker business outlook this year.
In addition to plans to set up a production line in the Czech Republic by the third quarter, it expects liquid-crystal-display orders from Europe for TVs and monitors, with volumes to reach 500,000 units.
It recently landed a 300,000-unit order for its light-emitting diode-based TVs and monitors from a US-based branded distributor, with shipments to begin next month.
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