Taiwan's Acer swings to profit in Q1

Taiwan's leading personal computer maker Acer said Tuesday it swung to profit in the first quarter of 2013 thanks to income from foreign exchange and stock sales.

Acer reported net profit of Tw$515 million ($17.2 million) in the three months to March, up 55.6 percent year-on-year due to a number of non-operating incomes including foreign exchange and stock disposal gains.

This compared with a net loss of Tw$3.37 billion in the fourth quarter of 2012 after a write-down of the value of its brands, including Gateway and Packard Bell.

First-quarter consolidated revenue was Tw$91.97 billion, down 18.6 percent from last year and also down 9.4 percent quarter-on-quarter due to seasonal factors, the company said.

Acer, which has been struggling to branch into the tablet computer sector, was forced to cut hundreds of jobs in 2011 after suffering heavy losses due to weakening demand in Europe and the United States.

© 2013 AFP