Chimei Materials August revenues up on year

Polarizer maker Chimei Materials Technology has reported consolidated revenues of NT$880.1 million (US$29.32 million) for August, down 17.52% on month and 4.71% on year. Year-to-date, revenues totaled NT$7.452 billion, increasing 9.58% from a year earlier.

Chimei has been operating in losses for six consecutive quarters since 2016, and its cumulative losses for the first half of 2017 reached NT$697 million or NT$1.35 per share.

To enhance its financial strength, the company has raised new funds totaling NT$1.95 billion through the sale of 150 million new shares in the form of global depository receipts (GDRs) recently.

The GDR issue was set at NT$13 per unit, a discount of 8.5% from the company's closing price of NT$14.2 on the Taiwan Stock Exchange (TSE) on September 7.

The company's stock price finished unchanged at NT$15.60 on the TSE during the September 11 session.