Acer Inc (宏碁) yesterday said it beat market expectations by swinging into profit in the first quarter, while company cofounder George Huang (黃少華) is likely to be appointed the new chairman next month.
The world’s fourth-largest PC brand said it returned to slight profitability in the first three months after posting losses for three consecutive quarters, thanks to effective cost and inventory control and improved gross profits.
The company reported an operating income of NT$127 million (US$4.2 million) and net income of NT$1 million, representing earnings per share of NT$0.0004, although its consolidated revenue declined 11.4 percent quarter-on-quarter and 16.6 percent year-on-year to NT$76.72 billion, according to a company statement.
In addition, Acer’s board approved the cancelation of 55.6 million in Treasury shares, or 1.96 percent of total outstanding shares, resulting in a new equity capital of NT$27.8 billion and a net book value per share of NT$21.20.
In a separate statement, Acer chairman Stan Shih (施振榮) said he would recommend the company’s board choose Huang to be chairman after he steps down on June 18.
Huang, 65, has been a supervisor at Acer since 2005.
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