Mitac International (MIC) and its notebook subsidiary Mitac Technology both saw their revenues decline on year in the first quarter of 2007 due to continued weak off-season demand, according to sources at the companies.

For the first quarter of this year, MIC reported its revenues declined 3.2% on year to NT$17.90 billion (US$541 million), whereas Mitac Technology saw its revenues suffered a 57.4% decline on year to NT$3.49 billion, according to data from the companies.

Despite the setback in revenues, MIC plans to expand its production lines for IP STBs (set-top boxes), in addition to its current three major lines – desktops (40% of revenues), servers (25%) and GPS devices (30%) – said company sources.

Buoyed by the company's recent acquisition of GPS vendor Navman, MIC projects its shipments of GPS devices to top eight million units this year, including 4.8 million units of its Mio-branded products, the sources indicates.

In related news, the company said that it posted after-tax profits of NT$394 million, or a net EPS of NT$1.29, in 2006. The company also plans to deal out cash dividends of NT$0.6 for last year, said company sources.

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