Electronics Production | October 24, 2011
EngTek warning: flood loss is significant
Eng Teknologi has announced that recent flooding in Thailand will have a significantly negative impact on Q4 results ending December 31.
In an announcement on October 18, company management said they believe the loss will be significant because plants in Thailand house half of ETHB Group’s machining capacity. The company said that floods have caused both its factories in Ayutthaya to be inundated by water. Additional subsidiaries in China and Philippines have also experienced disruption as a proportion of their output was meant for major customers in the flood affected areas. Some of ETHB Group’s production has been redirected to other plants to maintain supply to unaffected customers the company said. Whether the Group would be profitable for the entire financial year would depend on overall damage inccurred and the sucess of insurance claims, as well as timing of reimbursements.
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