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Chicony Power posts second-highest quarterly profit in Q2

  Chicony Power Technology Co., Ltd. (6412.TW) today held its investor conference and announced its consolidated financial results for the second quarter of 2020. Consolidated revenues for the second quarter hit a record high for the same period and reached NT$9,239 million, up by 11.2% YoY. Thanks to the strong shipments of gaming and Type-C notebook adapters, Chicony Power’s gross margin and operating margin both hit all time highs. Gross margin increased to 19.3%, up by 3.2ppt from last year, while operating margin reached 8.7%, up by 2.3ppt from last year. Meanwhile, consolidated operating profit hit the second highest on record and reached NT$800 million, up by 51.1% YoY. Net profits attributable to owners of the parent was also the second-highest on record and totaled NT$688 million, up by 105.2% YoY, with a basic EPS of NT$1.78, up by 102.3% YoY.

  For the first half of 2020, the company’s accumulated consolidated revenues and net profits both hit record highs for the same period. Consolidated revenue reached NT$15,948 million, up by 2.6% YoY. Gross profit and operating profit were NT$2,804 and NT$1,156 million, up by 18.2% and 39.8% YoY, respectively. Net profits attributable to owners of the parent was NT$822 million, up by 24.0% YoY. Basic EPS for the first half increased 22.4% YoY to NT$2.13.

  Chicony Power also announced its unaudited consolidated revenue of NT$2,998 million for July 2020. For the first seven months, accumulated revenues totaled NT$18,943 million, up by 0.7% YoY.

Highlights of 2Q20 Consolidated Income Statement:
(NT$ million) 2Q20 1Q20 QoQ % 2Q19 YoY %
Net Sales 9,239 6,709 37.7 8,309 11.2
Gross Profit 1,787 1,018 75.6 1,335 33.8
Operating Profit 800 356 125.0 529 51.1
Pre-tax income 883 175 406.3 445 98.7
Net Income attributable to parent 688 134 415.4 335 105.2
After Tax EPS (NT$) 1.78 0.35 408.6 0.88 102.3
Profit margins %          
GPM 19.3 15.2 +4.1ppt 16.1 +3.2ppt
OPM 8.7 5.3 +3.4ppt 6.4 +2.3ppt
NPM 7.5 2.0 +5.5ppt 4.0 +3.4ppt
Highlights of 1H20 Consolidated Income Statement:
(NT$ million) 1H20 1H19 YoY %
Net Sales 15,948 15,538 2.6
Gross Profit 2,804 2,372 18.2
Operating Profit 1,156 827 39.8
Pre-tax income 1,058 844 25.4
Net Income attributable to parent 822 663 24.0
After Tax EPS (NT$) 2.13 1.74 22.4
Profit margins %      
GPM 17.6 15.3 +2.3ppt
OPM 7.2 5.3 +1.9ppt
NPM 5.2 4.3 +0.9ppt


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