Computer monitor maker Proview International Holdings' earnings fell far short of forecasts because of a $31 million provision for inventory and accounts receivable.
The company posted a 35.4 per cent gain in net profit to $148.43 million in the year to June, compared with the average estimate of $185.35 million by six brokers polled by Thomson First Call.
They had forecast 69.15 per cent growth in Proview's net profit as a result of higher monitor sales and an exchange gain of $35 million.
However, a provision for $18 million worth of obsolete inventories and $13 million of bad and doubtful debts wiped out part of the earnings.
Part of the provision was for liquid crystal display (LCD) panels bought before prices began falling dramatically.
LCD panel prices have plunged more than 70 per cent since June as a result of capacity expansion by manufacturers.
For the year to June, Proview's turnover increased 25.2 per cent to $8.69 billion.