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Chicony Power reported a record-breaking first quarter operating profit

Chicony Power Technology Co., Ltd. (6412.TW) today held its investor conference and announced its consolidated financial results for the first quarter of 2020. Affected by COVID-19, consolidated revenues for the first quarter declined 7.2% to NT$6,709 million. Thanks to a better product mix, Chicony Power’s gross margin reached 15.2%, up 0.9ppt from the same period last year. Meanwhile, operating margin improved 1.2ppt from a prior-year quarter to 5.3%. As a result, consolidated operating profit hit an all-time-high for the same period and reached NT$326 million, up 19.4% year over year. Net profits attributable to owners of the parent was NT$134 million, with a basic EPS of NT$0.35.

Chicony Power also announced its unaudited consolidated April 2020 revenue NT$3,221 million, up by 23.2% year over year, hitting a record high for the same period. For the first four months, accumulated revenues totaled NT$9,931 million, up by around 0.9% year over year.

Highlights of 1Q20 Consolidated Income Statement:
(NT$ million) 1Q20 1Q19 YoY %
Net Sales 6,709 7,229 -7.2
Gross Profit 1,018 1,036 -1.8
Operating Profit 356 298 19.4
Pre-tax income 175 399 -56.3
Net Income attributable to parent 134 328 -59.3
After Tax EPS (NT$) 0.35 0.86 -59.3
Profit margins %      
GPM 15.2 14.3 +0.9ppt
OPM 5.3 4.1 +1.2ppt
NPM 2.0 4.5 -2.5ppt


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