Taiwan package manufacturer Harvatek reported a turnaround in 3Q13 after seven straight quarters of loss. Benefiting from an increase of 50 to60 percent in production capacity utilization rate in 3Q as well as investments of NT $22.39 million (US $758 thousand) in 3Q, revenue reached NT $1.24 billion, a quarterly growth of 9.86 percent. Gross profit margin for 3Q increased from 5.23 percent in 2Q to 9.58 percent reaching a net profit of NT $56.34 million, a net loss of NT $88.13 million compared with 2Q. Profit this quarter showed a large increase with EPS reaching NT $0.25.
After seven consecutive quarters of loss, the company in 3Q13 saw a turnaround in profit with revenue reaching NT $1.24 billion, a growth of 9.86 percent from 2Q NT $1.1 billion and 16.46 percent increase from 3Q12. In addition, the company’s entire utilization rate in 3Q rose 50-60 percent driving gross profit margin performance up to 9.58 percent, a 4.35 percent increase from 2Q.
Harvatek 3Q net profit experienced a major rebound having reached NT $56.34 million, a net loss of NT $88.13 million compared with 2Q. Aside from a smooth turnaround, the company also received non-business investments of NT $32.4 million in 3Q, but had a remittance loss of about NT $8.32 million. EPS of NT $0.25 in 3Q was a large improvement from 2Q NT $-0.44.
In regards to performance for the first three quarters, accumulated revenue reached NT $3.2 billion from Jan.-Sept., a growth of 17.38 percent from 2012. Gross profit margin for first three quarters was 6.24 percent, a growth of 0.86 percent compared to 5.38 percent in 3Q12. Net loss was NT $80.72 million in comparison to NT $177 million in 3Q12. EPS for the first three quarter was NT $-0.44.