UniVision Engineering sees FY hit from Taiwan unit loss

31st May 2016 13:54

(ShareCast News) - Shares in Hong Kong-based surveillance and security outfit UniVision Engineering plummeted after the company's Taiwan unit reporting a TWD$25.5 full year operating loss which it expected to hit 2016 group earnings.UniVision holds a 52.25% interest in T-Com Technology. Operations and trading results continued to deteriorate in the second half year, the company said."It was mainly as a result of 52% decrease in construction revenue, significant decrease in gross profit ratio and one-off liquidated damages TWD$4.8m paid to a local customer," UniVision said in a statement."The board anticipates that the results of T-Com will adversely affect the group's profit attributable to shareholders for the financial year ended 31 March 2016."Shares in UniVision were down 26% to 0.42p at 1408 BST.