AUO Corporation ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the first quarter of 2011(1).
AUO posted consolidated revenue of NT$93,230 million (US$3,171 million) (2), down 9.1% from the previous quarter. Gross profit was at -NT$6,270 million (-US$213 million), with the gross margin of -6.7%. Operating loss was at NT$14,227 million (US$484 million), with the operating margin of -15.3%. AUO's net loss for the first quarter was at NT$13,899 million (US$473 million). Net loss attributable to equity holders of the parent company was NT$13,978 million (US$475 million), with basic EPS of -NT$1.58 per common share (-US$0.54 per ADR).
1Q2011 Result Highlights
AUO's unaudited consolidated results for the first quarter of 2011 were highlighted as below:
In the first quarter of 2011, shipments for AUO's large-sized panels exceeded 28.4 million units, up 1.3% quarter-over-quarter and 4.3% year-over-year. Meanwhile, shipments of small and medium-sized panels reached around 43.5 million units, down 17.8% quarter-over-quarter and 23.7% year-over-year.
“Owing to the weaker-than-expected TV panel prices and the currency influence of NT dollar appreciation, AUO's operating performance in the first quarter of 2011 fell short of expectations,” said Mr. Andy Yang, Chief Financial Officer of AUO.
Since the first quarter of 2011, prices for IT panels have stopped declining and moved upward gradually. Looking into the second quarter, there are chances for TV panel prices to start to bottom out and the Company expects the capacity utilization rates to improve quarter over quarter. Meanwhile, AUO will aggressively adjust its product portfolio and expects to see sequential growths on the high-end products, such as panels for smartphones, tablet PCs, LED and 3D related products, which hopes to help the Company to achieve higher revenue scale and better profitability.
(1) All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”)
(2) Amounts converted by an exchange rate of NTD29.40:USD1 based on Federal Reserve Bank of New York, USA as of Mar. 31, 2011.
(3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.