Lite-On Technology reports 3rd quarter net profit of NT$2.49 billion, hitting a record high in recent years

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Press Releases

2009/10/28

Lite-On Technology Corp. (2301-tw) reported Q3 worldwide consolidated sales of NT$26.5 billion today, up 17% over Q2. Net profits increased 53% QoQ and 14% YoY to NT$2.49 billion, with EPS of NT$1.13, hitting a record high over the past 2 years. As a result of new product launches, gains in market share, along with seasonal growth and cost efficiency programs, Lite-On’s Q3 gross margin and operating margin reached 14.4% and 6.7% respectively, well up from the prior quarter and the same period in 2008.

Aided by rising consumer demand and strong sales in Q3, all of Lite-On’s business units have shown sequential growth. Compared with the second quarter, sales by the Power Supply and Optoelectronics (LED) BUs grew by 18% and 16% respectively, while Q3 sales by the Network Access, HIS (PC Keyboard) and Enclosure BUs were up by 37%, 30% and 19%.

Total sales from January through September came to NT$68.67 billion, while posting a net profit of NT$4.49 billion, with EPS of NT$2.04. The year-to-date gross margin and operating margin were 13.8% and 5.9% respectively, up from 13.2% and 5.2% in the same period of 2008 (excluding DDBU), as a combination of the upturn in productivity and utilizations, strict inventory control, intense reduction in operating expenses, as well as improved operating efficiency.

Looking forward, Lite-On will stay focused on market share expansion and profit growth. The company’s newly established East-China Headquarters will help strengthen competitive cost structure and operation efficiency in the long run. Meanwhile, thanks to effective cash management, Lite-On’s net cash reached NT$9.8 billion in Q3, resulting from Lite-On’s solid cash position, positive free cash flow and strict control in handling inventory and account receivables.

Non-operating items posted a net income of NT$944 million in Q3. Of that sum, Perlos posted net income of NT$162 million, while its revenue grew 18% QoQ and 12% YoY. Taking full advantage of Asian migration and higher utilizations, Perlos’ gross margin and operating margin reached 14.7% and 5% respectively, significantly up from 12% and 0.1% in Q2. Thanks to the introduction of various new programs and a broadening scope of products and services, Perlos expects continued momentum in sales and profitability through Q4.

Press Contact:
Julia Wang, Director of IR/PR
+886-2-8798-2888
Liteontech.IR@liteon.com