Rakon expects 2014 loss of $54M after Chinese writedown and trading losses; shares drop

Fri, 06 Sep 2013

By Tina Morrison Sept. 6 (BusinessDesk) – Rakon, which makes crystal oscillators used in smart phones and navigation systems, expects a net loss of $54 million in 2014 after taking a $37 million one-time charge to write down the value of its Chinese investment and other assets and posting a trading loss of $17 million. Shares in Rakon slumped 8.7 percent to 21 cents. The Auckland-based company said the trading loss would include $7 million of one-time costs for operational adjustments. Excluding one-time items, the $10 million net loss compar...

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