15 Sep 2014

Rakon will return a profit - CEO

8:18 am on 15 September 2014

The Rakon board of directors faced some angry shareholders at the annual meeting in Auckland on Friday afternoon, wanting to know when the company will return to profitability.

The manufacturer of crystal timing devices reported a near $79.4 million loss for the year ended March, reflecting the sale of most of its Chengdu factory at a loss, and other restructuring costs.

But chief executive Brent Robinson was strident in defence of the company's performance.

He said the company had successfully scaled down and would also close its British-based manufacturing plant by the end of October.

Mr Robinson said the company had had a couple of tough years, but was confident of returning a profit this year.