CORETRONIC CORPORATION 2023/08/01
Coretronic Corporation Announces Second Quarter 2023 Results
Hsinchu, Taiwan - Coretronic Corporation (5371.TW) today announced its financial results for the second quarter of 2023. For the second quarter ended on June 30, 2023, Coretronic reported consolidated sales revenue of NT$9,633 million, which increased by 1% compared to the first quarter of 2023 and decreased by 23% compared to the same period last year. The decline was primarily influenced by factors such as inflation, which impacted the recovery of consumer products. Consolidated gross profit for the second quarter was 20.9%, representing a significant increase from 16.7% in the previous quarter and a slight increase from 20.3% in the same period last year. This improvement was mainly due to the favorable exchange rate differential. Operating income in the second quarter reached NT$194 million, marking an impressive increase of 202.4% compared to the first quarter but experiencing a decrease of 71.7% compared to the same period last year. Net income after tax in the second quarter amounted to NT$366 million, showing a notable increase of 89.1% from the first quarter but a decrease of 56.5% from the same period last year. Net income attributable to equity holders of the parent company was NT$412 million in the second quarter, representing a significant increase of 63.2% from NT$253 million in the previous quarter but a decrease of 49.1% from NT$811 million in the same period last year. The basic EPS* in the second quarter of 2023 was NT$1.05.
For the first half of 2023, Coretronic reported consolidated sales revenue of NT$19,204 million, representing a decrease of 25% YoY, mainly due to the adverse effects of various factors on the global economy, hindering the momentum of economic recovery. In the first half of 2023, the consolidated gross margin improved to 18.8%, increased by 1.1% compared to 17.7% in the first half of 2022, mainly be attributed to the optimization of the product portfolio. The operating income totaled NT$258 million, which is a 74% decrease compared to the same period last year. The net income was reported at NT$559 million, marking a 58% decrease from the same period last year. The net income attributable to equity holders of the parent company was NT$665 million, a decrease of 48% YoY. The basic EPS* for the first half of this year was NT$1.7, which lower than the EPS* of NT$3.3 in the same period last year.
"For the second quarter of 2023, the overall sales revenue of Energy Saving Business Group amounted to NT$4,120 million, reflecting a 1% decline from the previous quarter and a 21% decrease from the same period last year. However, the shipments for this quarter reached approximately 7.7 million units, showing a 10% increase from the previous quarter but an 18% decrease compared to last year. Attributed to slow inventory depletion and sluggish consumer product demand, the sales revenue of Energy Saving products in the first half of 2023 was about NT$8,269 million, while the shipment volume totaled around 14.71 million units, a decrease of 35% and 39% respectively compared to the same period last year." said Ms. Sarah Lin, President of Coretronic.
"Regarding the 3Q23 operation, Sarah stated that as the third quarter typically enters the peak sales season, the demand for TV/PID is expected to increase significantly. Therefore, it is estimated that the overall shipment of Energy Saving products in the third quarter will increase by 10% to 20% compared with the previous quarter." Sarah stated that due to weak demand in the first half of the year and continuous disruptions from various factors such as monetary policies and inflation in the second half, althoug the TV/PID and Tablet product categories are expected to show growth compared to last year, however, the Monitor and NB categories are exhibiting a declining trend. Therefore, despite some short-term urgent orders, the overall shipment volume of energy-saving products in 2023 is still expected to decline by about 10% compared to last year. To address these challenges, Energy Saving Business Group is committed to closely monitoring market changes and responding with diversification of customers, product technologies, and applications. Additionally, will aim to strengthen collaboration with customers and supply chains to enhance operations performance.
"The sales revenue of Visual Solutions products in the second quarter was NT$3,335 million, and the shipment volume reached more than 246K units, experiencing a 7% and 4% increase from the first quarter, respectively, and a 41% and 40% decrease compared to the same period last year. For the first half of 2023, the sales revenue was NT$6,466 million, and the shipment volume was about 483K units. Due to the impact of inflation on consumer and entertainment products, decreasing 34% and 30% YoY respectively compare with the first half of 2022." said Ms. Sarah Lin. Regarding the operation in 3Q23, Sarah said that as the industry enters the peak season, shipments will grow month by month. It is estimated that the overall shipments of Visual Solutions products in the third quarter will increase by 10% to 20%. Sarah further explained that the B2B market is gradually recovering, with an increasing demand for B2C products in the consumer sector. Additionally, there is a rise in demand for Pro-AV and high-end engineering models, along with upcoming mass production of new products. Based on these factors, it is expect that the company's performance in the second half of the year will show steady growth, significantly outperforming the first half. As a result, we expect the shipment volume of Visual Solutions products in 2023 to decrease by less than 10% compared to the same period in 2022.
*Basic EPS was calculated based on the total weighted average outstanding share of each quarter (391m shares in 2Q23, 1Q23 and 2Q22)
For the first half of 2023, Coretronic reported consolidated sales revenue of NT$19,204 million, representing a decrease of 25% YoY, mainly due to the adverse effects of various factors on the global economy, hindering the momentum of economic recovery. In the first half of 2023, the consolidated gross margin improved to 18.8%, increased by 1.1% compared to 17.7% in the first half of 2022, mainly be attributed to the optimization of the product portfolio. The operating income totaled NT$258 million, which is a 74% decrease compared to the same period last year. The net income was reported at NT$559 million, marking a 58% decrease from the same period last year. The net income attributable to equity holders of the parent company was NT$665 million, a decrease of 48% YoY. The basic EPS* for the first half of this year was NT$1.7, which lower than the EPS* of NT$3.3 in the same period last year.
"For the second quarter of 2023, the overall sales revenue of Energy Saving Business Group amounted to NT$4,120 million, reflecting a 1% decline from the previous quarter and a 21% decrease from the same period last year. However, the shipments for this quarter reached approximately 7.7 million units, showing a 10% increase from the previous quarter but an 18% decrease compared to last year. Attributed to slow inventory depletion and sluggish consumer product demand, the sales revenue of Energy Saving products in the first half of 2023 was about NT$8,269 million, while the shipment volume totaled around 14.71 million units, a decrease of 35% and 39% respectively compared to the same period last year." said Ms. Sarah Lin, President of Coretronic.
"Regarding the 3Q23 operation, Sarah stated that as the third quarter typically enters the peak sales season, the demand for TV/PID is expected to increase significantly. Therefore, it is estimated that the overall shipment of Energy Saving products in the third quarter will increase by 10% to 20% compared with the previous quarter." Sarah stated that due to weak demand in the first half of the year and continuous disruptions from various factors such as monetary policies and inflation in the second half, althoug the TV/PID and Tablet product categories are expected to show growth compared to last year, however, the Monitor and NB categories are exhibiting a declining trend. Therefore, despite some short-term urgent orders, the overall shipment volume of energy-saving products in 2023 is still expected to decline by about 10% compared to last year. To address these challenges, Energy Saving Business Group is committed to closely monitoring market changes and responding with diversification of customers, product technologies, and applications. Additionally, will aim to strengthen collaboration with customers and supply chains to enhance operations performance.
"The sales revenue of Visual Solutions products in the second quarter was NT$3,335 million, and the shipment volume reached more than 246K units, experiencing a 7% and 4% increase from the first quarter, respectively, and a 41% and 40% decrease compared to the same period last year. For the first half of 2023, the sales revenue was NT$6,466 million, and the shipment volume was about 483K units. Due to the impact of inflation on consumer and entertainment products, decreasing 34% and 30% YoY respectively compare with the first half of 2022." said Ms. Sarah Lin. Regarding the operation in 3Q23, Sarah said that as the industry enters the peak season, shipments will grow month by month. It is estimated that the overall shipments of Visual Solutions products in the third quarter will increase by 10% to 20%. Sarah further explained that the B2B market is gradually recovering, with an increasing demand for B2C products in the consumer sector. Additionally, there is a rise in demand for Pro-AV and high-end engineering models, along with upcoming mass production of new products. Based on these factors, it is expect that the company's performance in the second half of the year will show steady growth, significantly outperforming the first half. As a result, we expect the shipment volume of Visual Solutions products in 2023 to decrease by less than 10% compared to the same period in 2022.
*Basic EPS was calculated based on the total weighted average outstanding share of each quarter (391m shares in 2Q23, 1Q23 and 2Q22)
NextPrev
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Coretronic Corporation published this content on 01 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2023 06:16:21 UTC.
