GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 1st quarter of fiscal year 2014. For the three month period ending March 31, 2014 net revenue was US $ 137.3 million, an increase of 26% versus the same quarter in 2013. After-tax net profit for the period was US$ 228 thousand.

Commenting on the announcement, Mr. Lewis Lo, president of GMI, said, “We are very pleased with our continued consistent revenue growth in what is traditionally a slow quarter in our industry. GMI once again entered into new customer and vendor partnerships during the quarter. Our net profit results were below our expectations primarily due to lower gross profits due to unexpected market price reductions in some product segments.  Despite some ongoing challenges in some sectors of the worldwide economic environment, GMI is optimistic in regards to both our 2014 annual performance and our long term growth.”