TECO ELECTRIC & MACHINERY CO., LTD. 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
Taipei, Taiwan, November 13th 2015 - 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 3Q 2015.
Period Item | 3Q 2015 | vs. 3Q 2014 (+/-%) | vs. 2Q 2015 (+/-%) | 9M 2015 | vs. 9M 2014 (+/-%) |
Operating Revenue | 12,247,527 | -8.8% | 0.7% | 36,123,359 | -12.3% |
Gross Profit, net | 3,086,597 | -9.2% | 0.6% | 9,210,713 | -10.4% |
Operating Profit | 962,425 | -11.8% | 6.6% | 2,851,980 | -21.6% |
Income Tax Expense | 338,327 | 15.3% | 17.7% | 913,089 | -17.1% |
Net Income(1) | 956,442 | -7.5% | 4.8% | 2,606,509 | -22.6% |
EPS(NT$) | 0.48 | 1.32 |
(1) Excluding non-controlling interests.
For the third quarter of 2015, net revenue totaled NT$12,248 million and gross profit was NT$3,087 million. Operating profit came in at NT$962 million and net income was NT$956 million. Earnings per share was reported as NT$0.48.
Recurring operating revenue decreased by 9.3% as opposed to 3Q'14. Gross profit and operating profit decreased by 9.2% and 11.8% respectively. Net income decreased by 7.5%. The increase in non-operating income was mainly due to the increase in net currency exchange gain in 3Q15. (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 | 3Q ' 15 (3) Amount % | 3Q ' 14(3) Amount % | YoY % | ||
12,247,527 | 100.0% | 13,430,820 | 100.0% | -8.8% | |
12,272,648 | 100.2% | 13,534,572 | 100.8% | -9.3% | |
(25,121) | -0.2% | (103,752) | -0.8% | -75.8% | |
(9,158,184) | -74.8% | (10,031,909) | -74.7% | -8.7% | |
3,086,597 (2,124,172) | 25.2% -17.3% | 3,398,388 (2,307,202) | 25.3% -17.2% | -9.2% -7.9% | |
962,425 | 7.9% | 1,091,186 | 8.1% | -11.8% | |
412,878 | 3.4% | 328,343 | 2.4% | 25.7% | |
364,077 | 3.0% | 415,225 | 3.1% | -12.3% | |
24,250 | 0.2% | (128,691) | -1.0% | - | |
(56,025) | -0.5% | (57,504) | -0.4% | -2.6% | |
80,576 | 0.7% | 99,313 | 0.7% | -18.9% | |
1,375,303 (338,327) | 11.2% -2.8% | 1,419,529 (293,360) | 10.6% -2.2% | -3.1% 15.3% | |
956,442 | 7.8% | 1,034,208 | 7.7% | -7.5% | |
0.48 | 0.53 | ||||
Note:
Unrealized / realized gain on inter-affiliate accounts included.
Excluding non-controlling interests.
Comply with IFRS.
Recurring operating revenue for 3Q'15 increased 1.0% over 2Q'15. Gross profit increased by 0.6% while operating profit increased by 6.6%. Net income increased by 4.8%. The increase in non-operating income was mainly due to the increase in net currency exchange gain in 3Q15. (See table 2)
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 | 3Q ' 15 (3) Amount % | 2Q ' 15 (3) Amount % | YoY % | ||
12,247,527 12,272,648 (25,121) (9,158,184) | 100.0% 100.2% -0.2% -74.8% | 12,159,518 12,153,929 5,589 (9,090,698) | 100.0% 100.0% 0.0% -74.8% | 0.7% 1.0% - 0.7% | |
3,086,597 (2,124,172) | 25.2% -17.3% | 3,067,055 (2,164,183) | 25.2% -17.8% | 0.6% -1.8% | |
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 | 962,425 | 7.9% | 902,872 | 7.4% | 6.6% |
412,878 | 3.4% | 377,554 | 3.1% | 9.4% | |
364,077 | 3.0% | 401,031 | 3.3% | -9.2% | |
24,250 | 0.2% | (25,533) | -0.2% | - | |
(56,025) | -0.5% | (46,475) | -0.4% | 20.5% | |
80,576 | 0.7% | 48,531 | 0.4% | 66.0% | |
Income before Tax | 1,375,303 | 11.2% | 1,280,426 | 10.5% | 7.4% |
Income Tax Expense | (338,327) | -2.8% | (287,378) | -2.4% | 17.7% |
Net Income (2) | 956,442 | 7.8% | 912,961 | 7.5% | 4.8% |
EPS | 0.48 | 0.46 | |||
Note:
Unrealized / realized gain on inter-affiliate accounts included.
Excluding non-controlling interests.
Comply with IFRS.
For the first nine months of 2015, operating revenue totaled NT$36,123 million and gross profit was NT$9,211 million. Operating profit came in at NT$2,852 million and net income was NT$2,607 million. Earnings per share was reported as NT$1.32.
Recurring operating revenue decreased by 12.3% as opposed to 9M'14. Gross profit and operating profit decreased by 10.4% and 21.6% respectively. Net income decreased by 22.6%. The increase in non-operating income was mainly due to the decrease in gain on disposal of property, plant and equipment. (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 | 9M ' 15 (3) Amount % | 9M ' 14 (3) Amount % | YoY % | ||
36,123,359 36,038,042 85,317 (26,914,177) | 100.0% 99.8% 0.2% -74.5% | 41,170,970 41,103,839 67,131 (30,887,771) | 100.0% 99.8% 0.2% -75.0% | -12.3% -12.3% 27.1% -12.9% | |
9,210,713 (6,358,733) | 25.5% -17.6% | 10,284,070 (6,646,175) | 25.0% -16.1% | -10.4% -4.3% | |
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 | 2,851,980 | 7.9% | 3,637,895 | 8.8% | -21.6% |
912,696 | 2.5% | 1,109,074 | 2.7% | -17.7% | |
947,610 | 2.6% | 766,311 | 1.9% | 23.7% | |
(60,623) | -0.2% | 293,607 | 0.7% | - | |
(150,209) | -0.4% | (175,843) | -0.4% | -14.6% | |
175,918 | 0.5% | 224,999 | 0.5% | -21.8% | |
Income before Tax | 3,764,676 | 10.4% | 4,746,969 | 11.5% | -20.7% |
Income Tax Expense | (913,089) | -2.5% | (1,101,775) | -2.7% | -17.1% |
Net Income (2) | 2,606,509 | 7.2% | 3,365,612 | 8.2% | -22.6% |
EPS | 1.32 | 1.71 | |||
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