Rakon Posts $4 Million Loss After Slump in Demand, Forecasts Improvement
Rakon Ltd., supplier of half the world’s crystal oscillators for global positioning systems, posted a full-year loss after recession cut demand for the car navigation systems and phones that use its products.
The company reported a NZ$5.4 million net loss for the year ended March 31 from a NZ$4.5 million profit a year earlier. Earnings before interest, tax and depreciation were NZ$4.3 million, at the low-end of a range the company forecast in November.
Earnings for current year should be between NZ$25 million and NZ$30 million, the Auckland-based company said, citing analyst forecasts.