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Event2023-05-02
Chicony Power Reported 2023 First Quarter Results
Chicony Power Technology Co., Ltd. (6412.TW) today announced its consolidated financial results for the first quarter of 2023. Consolidated revenues for the first quarter was NT$8,291 million, down 21.0% YoY. The revenue decline in 1Q was mainly due to customers’ aggressive inventory digestion. With favorable product mix, the company’s gross margin grew 2.1ppt YoY to 18.7%. Gross profit was NT$1,548million, down 11.1% YoY. With prudent expense control but a decrease in sales, the company’s operating margin improved merely 0.1ppt from the year-ago quarter to 8.8%. Operating profit totaled NT$726 million, down 20.0% YoY. With higher tax rate but lowered no-operating income compared to the same period last year, net profits declined 23.2% YoY to NT$581 million, with net margin of 7.0%, down 0.2ppt YoY. Net net, basic EPS was NT$1.47, down 23.8% YoY.
Chicony Power also announced its unaudited consolidated April 2023 revenue NT$2,743 million, down 11.5% YoY. For the first four months, accumulated revenues totaled NT$11,035 million, down 18.8% YoY.
| (NT$ million) | 1Q23 | 4Q22 | QoQ% | 1Q22 | YoY % |
|---|---|---|---|---|---|
| Net Sales | 8,291 | 9,501 | -12.7 | 10,493 | -21.0 |
| Gross Profit | 1,548 | 1,946 | -20.4 | 1,742 | -11.1 |
| Operating Profit | 726 | 964 | -24.7 | 908 | -20.0 |
| Pre-tax income | 737 | 978 | -24.6 | 939 | -21.5 |
| Net Income | 581 | 751 | -22.6 | 757 | -23.2 |
| After Tax EPS (NT$) | 1.47 | 1.90 | -22.6 | 1.93 | -23.8 |
| Profit margins % | |||||
| GPM | 18.7 | 20.5 | -1.8ppt | 16.6 | +2.1ppt |
| OPM | 8.8 | 10.2 | -1.4ppt | 8.7 | +0.1ppt |
| NPM | 7.0 | 7.9 | -0.9ppt | 7.2 | -0.2ppt |
