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Innolux Corporation Announces Unaudited 2016 Second Quarter Gross profit NT$1.55 Billion
[July 29, 2016]

Innolux Corporation Announces Unaudited 2016 Second Quarter Gross profit NT$1.55 Billion


JHUNAN , Taiwan, July 29, 2016 /PRNewswire/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 2Q 2016 consolidated revenues. Combined net sales for 2Q 2016 amounted to NT$ 66.8 billion, gross profit was NT$ 1.55 billion, for a gross margin of 2.3%. Operating loss totaled NT$ 3 billion with an operating loss of 4.5%. Net loss amounted to NT$ 3.5 billion, for a net loss margin of 5.2%. EBITDA margin of 11.1%, with a basic EPS of -NT$ 0.35.

In finance, the company's total debt came down to NT$ 57.1 billion, an increase of NT$ 2.4 billion over the previous quarter. Net debt to equity ratio of 8% was the same as the previous quarter, maintaining good financial health. The inventory turnover day was 38 days.

The Company shipped 7 million square meters of panel in the second quarter 2016, an increase of 24.4% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 289 per square meter. Small and medium-sized panel revenue amounted to NT$ 13.1 billion in the second quarter 2016, an increase of 0.4% over the previous quarter. The company shipped 472.8 thousand square meter area of small and medium-sized during the second quarter 2016, an increase of 23.6% over the previous quarter.       

In terms of product application, Mobile & CP, Mobile PC, Desktop, TV panels accounted for 25%, 15%, 12% and 48% of our net sales, respectively. In terms of product size, 10-inch and below, 10-to-20-inch, 20-to-30-inch, 40-inch-and -above panels accounted for 20%, 20%, 15%, and 45% of our net sales, respectively.

Table 1: Statements of Comprehensive Income





Units: NTD million except per share data

2Q 2016

1Q 2016

QoQ%

2Q 2015

Net Sales

66,805

100.0%

56,417

100.0%

18.4%

93,755

100%

   Cost of Goods Sold

65,251

97.7%

60,455

107.2%

7.9%

78,173

83.4%

Gross Profit (Loss)

1,554

2.3%

(4,038)

-7.2%


15,583

16.6%

    Operating Expense

4,592

6.9%

4,365

7.7%

5.2%

6,190

6.6%

Operating Income (Loss)

(3,039)

-4.5%

(8,402)

-14.9%


9,393

10.0%

Net Non-operating Income(Exp.)

168

0.3%

(131)

-0.2%


(2,047)

-2.2%

Income before Tax

(2,871)

-4.3%

(8,534)

-15.1%


7,345

7.8%

EBITDA(3)

7,408

11.1%

3,046

5.4%

143.2%

23,123

24.7%

Net Income (Loss)

(3,476)

-5.2%

(8,582)

-15.2%


5,406

5.8%

Net Income (Loss)-Parent

(3,476)

-5.2%

(8,582)

-15.2%


5,406

5.8%

Basic EPS (1)(2)

(0.35)


(0.86)



0.54



Notes:

(1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

(2) Capital Stock (common): NT$99.5 billion as of June 30,2016

(3) EBITDA = Operation Income + Depreciation & Amortization

(4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

(5) INX combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-counting.



Table 2: Combined Balance Sheet Highlights

Units: NT$ million

2016.6.30

2016.3.31

2015.6.30

Cash & Short Term Investment

39,599

36,462

40,724

Inventory

25,395

29,164

33,221

Total Assets

349,288

351,258

401,083

Short Term Debt (1)

21,612

19,251

16,355

Long Term Debt (2)

35,468

35,445

51,790

Shareholders' Equity (3)

214,685

222,810

236,085

Net Debt to Shareholders' Equity

8%

8%

12%





Depreciation & Amortization

10,446

11,448

13,731

Capital Expenditure

6,858

7,459

3,783


Notes:

(1) Short term debt = (short-term bank loan + commercial papers + current portion of long term loan + obligations under capital leases)

(2) Long term debt = (long-term bank loan + corporate bonds + obligations under capital leases)

(3) Capital Stock (common): NT$99.5 billion; Book value per common stock: NT$ 21.57 as of June 30,2016

(4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

(5) INX combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-counting.

Announcement Contact:

Jyh-Chau Wang
Spokesperson
Tel: +886-(0)6-505-3760
Email: [email protected]                                                       

Anita Chien
Media Contact
Tel: +886-(0)6-505-1888 ext.47153                                
Cell: +886-(0)911-572-225
Email: [email protected]

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/innolux-corporation-announces-unaudited-2016-second-quarter-gross-profit-nt155-billion-300306160.html

SOURCE Innolux Corporation


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