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Flexible PCB maker Flexium Interconnected has reported net profits of NT$245 million (US$8.12 million) for the first quarter of 2017, down 76.1% on quarter and 41.9% on year. EPS for the quarter stood at NT$0.87 compared to NT$1.63 of a year earlier.
The company suffered foreign exchange transaction losses of NT$303 million during the quarter affecting its profits, the company explained.
Gross margin stood at 23% in the first quarter, a decline 0.6pp from a quarter earlier and 1.1pp from a year ago.
Shipments of FPCB products for PC applications climbed to 20% in the first quarter from 16% previously, while those for communication applications declined to 73% from 78%, the company noted.
The company’s capacity utilization rate is expected to hover below 50% in the second quarter due to product transitions at clients, according to company CFO Arthur Shiung.
However, demand for the company’s products will rebound robustly in the second half of the year as Flexium has secured FPCB orders for wireless charging devices, as well as other optical and wireless transmission products, Shiung revealed.
Overall, Flexium looks forward to seeing revenues grow by a double-digit rate in 2017, Shiung added.
Flexium’s capex for 2017 will be higher than NT$2 billion, with its new plant in Kaohsiung to be completed in the second quarter, and the company will also begin to construct a new plant in Kunshan, China, Shiung said.
The company’s stock price surged NT$5.50 to close at NT$120.00 on the Taiwan Stock Exchange (TSE) during the April 28 session.
Flexium CFO Arthur Shiung
Photo: Monica Chen, Digitimes, April 2017
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