GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 1st quarter of fiscal year 2011. For the three month period ending March 31, 2011 net revenue was US$ 98.8 million, an increase of 7.3% versus the same quarter in 2010. After-tax profit for the period was US$ 653K, versus US$ 1.6M in the same quarter 2011.
Commenting on the announcement, Mr. Lewis Lo, president of GMI Technology, said, “While we are very pleased with our continued consistent revenue growth, our bottom line results were below our expectations. Our bottom line results were affected by the continued appreciation of the Chinese currency, a decline in memory prices, and to a lesser decree supply shortages caused by the Japan earthquake. We expect some of these impacts to carry over to the current quarter and despite the still recovering worldwide economic environment, GMI Technology is cuatiously optimistic about the remainder of 2011 and our long term future growth.“