Shares in smartphone component maker Rakon plummeted 16% as the company posted a loss of nearly $33 millon.
Gross earnings were $5.1 million for the year ending March, as forecast by the company in February.
The $32.8 million loss for the year is a sharp fall from the $420,000 loss reported the previous year.
Rakon's chief executive Brent Robinson says that's partly due to $17.3 million worth of write downs on its Chinese and New Zealand operations.
He says although volumes of smart phone components increased by 85%, margins have been squeezed.
Mr Robinson says they're also facing tough competition from Japanese rivals, after the massive devaluation of the yen earlier this year gave them the opportunity to lower prices.
The company's New Zealand, British, French and Chinese operations all reported losses, with only its joint venture in India reporting growth, almost doubling its earnings to $3.6 million.
Rakon shares fell 4 cents to 21 cents on Thursday.