TPV Technology Limited has released its first quarter results, posting a net loss of $53.1 million on turnover of $2.4 billion, which compares with a net loss in Q1 of the previous year of $90.3 million on turnover of $2.5 billion. The company blamed the 5.7% year on year drop in turnover on adversity in the currency market and weak demand for TVs in its core markets. Despite this, the group managed to slightly increase TV shipments compared to the corresponding quarter of 2014, thanks to growth in its ODM business. Overall, TPV sold 3.5 million TV sets in Q1, up 9.4% YoY and the TV unit contributed $947.8 million to total turnover.
The group’s monitor business was also under pressure as the sector remained subdued. TPV shipped 10 million monitors in Q1, a decline of 15.3% from the first quarter of last year, which reflected both a declining desktop market and seasonal weakness. Revenue in the monitor business fell by 8.2% to $1.1 billion.
