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Inventec forecasts a bottoming-out in second half

Inventec, a leading contract notebook PC maker, is expected to bottom out in the second half, said its Chairman Lee Shih-chin yesterday.

Lee made the remarks while presiding over the company's shareholders meeting yesterday.

The company had a bad year in 2011, prompting shareholders to express their anger and frustration at the company during a significant portion of the meeting.

Inventec last year downsized heavily and posted losses at its reinvestment businesses. In May of this year, the firm's founder, Yeh Kuo-yi, was suspected of real estate speculation via several surrogates, a situation that greatly tarnished the firm's image.

Responding to shareholders' angry words, Lee acknowledged that first quarter results were worse off then the same time in 2011 and 2010.

“We hope to bottom out in the second half and will make sure that shareholders' rights are protected,” he said.

Lee also spoke on Inventec's losses in its photovoltaic (PV) business, saying the firm will correct the situation by focusing more on conversion efficiency, mono-crystalline products and corporate governance.

The company lost NT$1.1 billion in its PV business last year and is working to narrow those losses, with the hope of turning a profit by the second half, he said.

“Our performance last year was indeed worse than expected, with earnings per share of NT$0.79,” Lee said. “We were devastated to let go of so many employees last year, on the closure of clients' tablet business and weak demand for PCs. The management will make sure that this will never happen again.”

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