Coretronic Corporation Announces Second Quarter 2016 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the second quarter of 2016 and live demos various projection solutions and flat display solutions products before the Investor Conference. For the second quarter ended June 30, 2016, Coretronic posted consolidated sales revenue of NT$13,572 million, down 2% QoQ and drop 20% YoY respectively. Operating income was reported at NT$271 million with a net income of NT$233 million. Net income attributable to equity holders of the parent company was NT$292 million, drop 8% YoY. The basic EPS* in the second quarter was NT$0.54 per common share.
For the first half of 2016, Coretronic reported consolidated sales revenue of NT$27,469 million, drop 16% YoY and the operating income totaled NT$468 million, up 16% YoY thanks to better product portfolio. Net income was reported at NT$515 million. Net income attributable to equity holders of the parent company was NT$614 million with the basic EPS of NT$1.13 per common share, with slightly YoY growth respectively.
“The overall sales revenue of Energy Saving Business Group was NT$7,915 million in 2Q16, down 13% QoQ due to regular slow season impact. The overall shipment was 13.56 million units, representing 0.5% QoQ decrease. For 1H of 2016, the sales revenue amounted to NT$17,026 million and shipment was 27.18 million units, drop 25% and 29% respectively.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “The demand of EMS, ODM and Solutions business are all in the growing trend due to peak season effect, therefore, we expect the overall shipment of Energy Saving Business Group will up more than 10% QoQ.” “Energy Saving Business Group has been in transition for more than 3 years. Look into 2016, the EMS demand from LCD panel manufacturers would response to seasonal changes. In order to pursuit higher profit and value targets, we will continues cooperate with brand customers in the ODM and Solutions business, to provide components, sub-system and system solutions products for various applications together with one-stop manufacturing and global after-sales services.” said Sarah Lin.
“For 2Q16, the sales revenue was NT$4,077 million and the shipment was 313K units, up 21% and 29% QoQ respectively. For 1H of 2016, the sales revenue was NT$7,457 million and the shipment was 556K units, up 11% and 10% YoY respectively.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. “Coretronic expects the monthly shipment quantity at 100K~110K units in 3Q16, slightly increase QoQ but the ASP is expected significantly improved than second quarter, driven by better product mixed.” Coretronic just debuted various revolutionary projection solutions at the InfoComm USA 2016. Among Coretronic’s demonstrations include market’s first single-chip DLP laser 4K UST solution best-suited for smart home cinemas, industry’s first portable roll-type 134” projected capacitive touch (PCT) screen, and worlds’ smallest 6,000 lumens DLP laser projection solutions featured with automatic stacking and blending. According to SY Chen, these solutions can be used in the home entertainment, education, business, Pro-AV, and digital signage markets and forecast start to mass production from 3Q16. “Coretronic will continue to expand product lines and different customers to closer and quick response to market demand. Optimization of product competitiveness will enhance the business performance. We expect the visual solutions business will continue to grow in 2016.” said SY Chen, President of Visual Solutions Business Group of Coretronic.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (543m shares in 2Q16 & 1Q16).
