Aztech posts $21m loss in 1Q

Aztech Group says it recorded a net loss of $21.01 million for the quarter ended 31 March 2011 (1Q 2011) due to a $19.4 million writedown in the carrying costs of its vessels.

Aztech also registered a turnover of $43.78 million, a 11.9% decrease over the same period last year due to the decline in orders and the depreciation of US dollar.

But the group says it managed to register an 18.4% revenue growth in its LED lighting retail segment to $7.20 million.