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IC test service and ceramic substrate supplier Tong Hsing Electronic Industries has reported net profits of NT$89.15 million (US$2.96 million) for the first quarter of 2017, down 71% on quarter and 60% on year.
EPS for the first quarter reached only NT$0.55, far below market expectation of NT$1.0-1.1 and also lower than the NT$1.9 of a quarter earlier.
Inventory adjustments by smartphone clients in China and a decline in orders from CMOS sensor maker OmniVision contributed to decreased earnings in the first quarter, according to company president Heinz Ru.
A loss of NT$68 million incurred from foreign exchange transactions also eroded its earnings in the first quarter, Ru added.
Revenues for the first quarter of 2017 totaled NT$1.83 billion, decreasing 9.3% on quarter and 4.4% on year. Gross margin slipped to 19.8% in the January-March period, down from 25.9% in the previous quarter and 24.5% of a year earlier.
Despite slow sales in the first quarter, the company expects its revenues to post growth on a yearly basis and its gross margin to climb back to 25-30% in the 2017, Ru stated.
The company’s stock price shed NT$1.50 to close at NT$115.00 on the Taiwan Stock Exchange (TSE) during the May 15 session.
Tong Hsing president Heinz Ru
Photo: Michael Lee, Digitimes, May 2017
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