Wearnes' Nasdaq subsidiary Multi-Fineline reverses to a Q3 net loss of $39.9 million
Nasdaq-listed Multi-Fineline Electronix, which supplies flexible printed circuits to the electronics industry, has posted a third quarter net loss of US$31.5 million (S$39.9 million) compared to profit of US$3.8 million previously.
Net sales in the three months to June 30 were US$136.1 million, down 20 per cent, mainly due to lower sales to a key customer.
Revenues were below the company's expectations due to soft market conditions, as well as a number of new programmess that shifted out to the fiscal fourth quarter.
Gross margin during the third quarter was minus 3.1 per cent, compared to 9.2 per cent for the same period in the prior year.