TPV Technology swings back to profit in Q3

A MORE efficient operating structure and a steep reduction in operating expenses gave a lift to TPV Technology's results for the third quarter.

Net profit for the three months ended Sept 30, 2016, was US$18.6 million, a reversal from a net loss of US$26.3 million in the year-ago period, the electronics company said in a Singapore Exchange filing on Thursday evening.

Revenue fell 11.7 per cent to US$2.47 billion from the previous year. Earnings per share came in at 0.79 US cent, a reversal from a loss per share of 1.12 US cents in the previous year.

TPV shares last traded at S$0.24 on Nov 10. The company is listed on both the Hong Kong and Singapore stock exchanges.