GMI Announces GW Electronics Six Month Results
GMI Technology Inc. (Public, TPE: 3312) announced today the results for the 1st six months of operations of GW Electronics Company Limited. GW Electronics is a GMI joint venture in partnership with Willas-Array Electronics (Holdings) Limited that was announced in November 2012. For the six month period ending June 30, 2013 net sales revenue was over US$ 70 million, significantly exceeding the business plan. The majority of sales were from semiconductor products sourced from Toshiba.
Commenting on the announcement, Lewis Lo, GMI president, said, “We are very excited with the fast start to this strategic venture. Customer shipments started ahead of schedule and sales revenue was well above target. In addition GW Electronics was profitable in the 1st six months of operations. We are optimistic on the continued success of the venture and the expansion to new customers and markets in mainland China.”