Cable maker Space Shuttle sees red in 1Q08 on exchange losses

Tag: Power Cord Cable

Taiwan-based cable and power cord vendor Space Shuttle Hi-Tech posted net losses of NT$22.47 million (US$732,000), or NT$0.16 per share, in the first quarter of this year, according to company data.

The losses was a reversal from the posting of net profits of NT$165 million in 2007, the first profitable year after posting losses for three years in a row, the data showed.

The company attributed the losses in the first quarter to an exchange loss of NT$34.52 million during the quarter, and the company expects its operations will swing back to profitability in the second quarter on increasing orders.

In other news, Space Shuttle plans to deal out a dividend of NT$0.70 for operations in 2007, including NT$0.40 in cash and NT$0.30 in shares, the company said.
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