TECO Electric & Machinery Co., Ltd.
5F, 19-9, San Chong Road, Nan-Kang, Taipei 115, Taiwan
Tel: (8862) 2655-3333 | Fax: (8862) 2655-2259 | http://www.teco.com.tw
TECO Announces 2016 ResultsTaipei, Taiwan, March 30 2017 - TECO Electric and Machinery Co., Ltd., a leading manufacturer and service provider of motors, home appliances and information technology, today announced its financial results for 2016.
Consolidated Basis Unit: NT$1,000Period Item | 4Q 2016 | vs. 4Q 2015 (+/-%) | vs. 3Q 2016 (+/-%) | 2016 | vs. 2015 (+/-%) |
Operating Revenue | 13,427,629 | 7.6% | 11.9% | 49,923,836 | 2.7% |
Gross Profit, net | 3,404,233 | 6.7% | 9.6% | 13,134,395 | 5.9% |
Operating Profit | 1,100,250 | 17.6% | 26.5% | 4,189,481 | 10.6% |
Income Tax Expense | 218,109 | 60.3% | 52.3% | 896,293 | -14.6% |
Net Income(1) | 864,695 | 51.5% | -3.8% | 3,481,480 | 9.6% |
EPS(NT$) | 0.44 | 1.76 |
Excluding non-controlling interests.
Please find the details in the following pages.For the fourth quarter of 2016, net revenue totaled NT$13,428 million and gross profit was NT$3,404 million. Operating profit came in at NT$1,100 million and net income was NT$865 million. Earnings per share was reported as NT$0.44.
Recurring operating revenue increased by 7.6% as opposed to 4Q'16. Gross profit increased by 6.7%. Operating profit and net income increased by 17.6% and 51.5% respectively. The increase in non-operating income was mainly due to the increase in Gain on Disposal of Investments under Other Gains and Losses in 4Q16. (See table 1)
Table 1
(In NT$1,000, except EPS)
Operating Revenue
Recurring Operating Revenue Gain on Sales of Financial Assets
Operating Costs
Gross Profit, net (1)
Operating expenses Operating Profit
Non-operating Income (Expense) Other Income
Other Gains and Losses Financial Costs
Share of Profit (Loss) of Associates and Joint Ventures
Accounted for Using Equity Method Income before Tax
Income Tax Expense Net Income (2)
EPS
4Q ' 16 (3)
Amount %
4Q ' 15 (3)
Amount %
YoY %
13,427,629
100.0%
12,475,214
100.0%
7.6%
13,418,042
99.9%
12,466,651
99.9%
7.6%
9,587
0.1%
8,563
0.1%
12.0%
(10,023,310)
-74.6%
(9,288,862)
-74.5%
7.9%
3,404,233
(2,303,983)
25.4%
-17.2%
3,189,598
(2,253,951)
25.6%
-18.1%
6.7%
2.2%
1,100,250
8.2%
935,647
7.5%
17.6%
154,282
1.1%
(137,052)
-1.1%
-
158,159
1.2%
413,596
3.3%
-61.8%
144,829
1.1%
(451,184)
-3.6%
-
(42,815)
-0.3%
(77,482)
-0.6%
-44.7%
(105,891)
-0.8%
(21,982)
-0.2%
381.7%
1,254,532
(218,109)
9.3%
-1.6%
798,595
(136,066)
6.4%
-1.1%
57.1%
60.3%
864,695
6.4%
570,782
4.6%
51.5%
0.44
0.28
Note:
Unrealized / realized gain on inter-affiliate accounts included.
Excluding non-controlling interests.
Comply with IFRS.
Recurring operating revenue for 4Q'16 increased 11.9% over 3Q'16. Gross profit increased by 9.6% while operating profit increased by 26.5% and net income decreased by 3.8%. The main reason results in decreasing Non- operating Income is the Dividend Income in 4Q16.
Table 2
(In NT$1,000, except EPS)
Operating Revenue
Recurring Operating Revenue Gain on Sales of Financial Assets
Operating Costs
Gross Profit, net (1)
Operating expenses Operating Profit
Non-operating Income (Expense) Other Income
Other Gains and Losses Financial Costs
Share of Profit (Loss) of Associates and Joint Ventures
Accounted for Using Equity Method Income before Tax
Income Tax Expense Net Income (2)
EPS
4Q ' 16 (3) 3Q ' 16 (3)
Amount % %
YoY %
13,427,629
100.0%
12,003,706
100.0%
11.9%
13,418,042
99.9%
11,989,789
99.9%
11.9%
9,587
0.1%
13,917
0.1%
-31.1%
(10,023,310)
-74.6%
(8,897,433)
-74.1%
12.7%
3,404,233
(2,303,983)
25.4%
-17.2%
3,105,913
(2,236,163)
25.9%
-18.6%
9.6%
3.0%
1,100,250
8.2%
869,750
7.2%
26.5%
154,282
1.1%
298,101
2.5%
-48.2%
158,159
1.2%
531,234
4.4%
-70.2%
144,829
1.1%
(140,789)
-1.2%
-
(42,815)
-0.3%
(76,109)
-0.6%
-43.7%
(105,891)
-0.8%
(16,235)
-0.1%
552.2%
1,254,532
(218,109)
9.3%
-1.6%
1,167,851
(143,201)
9.7%
-1.2%
7.4%
52.3%
864,695
6.4%
898,910
7.5%
-3.8%
0.44
0.45
Note:
Unrealized / realized gain on inter-affiliate accounts included.
Excluding non-controlling interests.
Comply with IFRS.
Unrealized / realized gain on inter-affiliate accounts included.
Excluding non-controlling interests.
Comply with IFRS.
For 2016, operating revenue totaled NT$49,924 million and gross profit was NT$13,134 million. Operating profit came in at NT$4,933 million and net income was NT$3,481 million. Earnings per share was reported as NT$1.76.
Recurring operating revenue increased by 2.6% as opposed to 2015. Gross profit and operating profit increased by 5.9% and 10.6% respectively. Net income increased by 9.6%. The decrease in non-operating income was mainly due to the decrease in Net Currency Exchange Gain under Other Gains and Losses. (See table 3)
Table 3
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses | 2016 (3) Amount % | 2015 (3) Amount % | YoY % | ||
49,923,836 49,752,645 171,191 (36,788,304) | 100.0% 99.7% 0.3% -73.7% | 48,598,573 48,504,693 93,880 (36,203,039) | 100.0% 99.8% 0.2% -74.5% | 2.7% 2.6% 82.4% 1.6% | |
13,134,395 (8,944,914) | 26.3% -17.9% | 12,400,311 (8,612,684) | 25.5% -17.7% | 5.9% 3.9% | |
Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method | 4,189,481 | 8.4% | 3,787,627 | 7.8% | 10.6% |
743,810 | 1.5% | 775,644 | 1.6% | -4.1% | |
1,160,006 | 2.3% | 1,361,206 | 2.8% | -14.8% | |
(43,705) | -0.1% | (511,807) | -1.1% | -91.5% | |
(282,231) | -0.6% | (227,691) | -0.5% | 24.0% | |
(90,260) | -0.2% | 153,936 | 0.3% | -158.6% | |
Income before Tax | 4,933,291 | 9.9% | 4,563,271 | 9.4% | 8.1% |
Income Tax Expense | (896,293) | -1.8% | (1,049,155) | -2.2% | -14.6% |
Net Income (2) | 3,481,480 | 7.0% | 3,177,291 | 6.5% | 9.6% |
EPS | 1.76 | 1.60 |
Note:
Teco Electric & Machinery Co. Ltd. published this content on 30 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 March 2017 09:09:23 UTC.
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