Lite-On Tech reports second quarter net profit of NT$1.63 billion, up 336% sequentially

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Press Releases

2009/08/28

Lite-On Tech (2301-tw) today reported its Q2 worldwide consolidated sales of NT$22.7 billion, up 17% QoQ. Net profits increased a whopping 336% sequentially to NT$1.63 billion, with EPS of NT$0.75. As a result of rising demand in end markets, new product launches, gains in market share and ongoing cost efficiency programs, Lite-On Tech’s Q2 gross margin and operating margin reached 14.2% and 6.2%, respectively, up from 12.3% and 4.4% in Q1, back to the levels reached in Q308.

In addition to improved end demand and Lite-On’s continued market share gains, the Power Supply and Optoelectronics business units posted the quarterly revenue growth of 23% and 33% respectively, while the Network Access business unit grew 29% QoQ. Camera module and Multi-Function Peripherals (MFP) revenue also increased 16% and 13% respectively. Meanwhile, the MFP business grew an impressive 26% YoY, despite the economic slowdown.

Combined with the Q1 figures, Lite-On’s worldwide consolidated sales in the first-half of 2009 reached NT$42.1 billion, while posting a net profit of NT$2 billion, with EPS of NT$0.92. The first-half gross margin and operating margin were 13.4% and 5.4%, respectively, up from 12.7% and 4.3% in the first-half of 2008 (excluding DDBU), boosted by better operating efficiency, strictly-controlled inventory level and operating expenses. Looking forward, Lite-On will continue to concentrate on better product mix, market share gains, as well as the productivity enhancement. It’s expected to see the sequential sales growth and margin expansions in the third quarter.

Non-operating items posted a net income of NT$463 million in Q2, well up from the prior quarter. Perlos’ non-operating income derived mainly from reversal of a customer’s bad debt, helping contribute to its net profit of NT$281 million. On top of that, Perlos’ revenue grew an impressive 46% sequentially, largely thanks to strong new model ramp-ups. As a result of successful Asian migration and higher utilization rate, Perlos has achieved profitability in Q2. Looking ahead, maintaining steady growth and profitability in the 2H09 is expected, with a combination of providing the multi-commodity products, broadening service scope and ongoing emphasis on cost efficiency.

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