Miyoshi Precision posts loss for 1Q due to Thai flood

Miyoshi Precision swung into the red in the first quarter ended November 2011 with a net loss of $3.38 million from a net profit of $260,000 a year ago.

Revenue fell 32.6% year-on-year to $22.33 million from $33.15 million.

Revenue for the data storage segment which was hit by the flood in Thailand fell 45.5% to $5.81 million, while the consumer electronic segment saw a 30.7% decline in revenue to $3.34 million.

The company expects a loss for the full financial year.