Weltrend Reports First Quarter EPS of NT$-0.73
|Hsinchu, Taiwan, May 5, 2020 – Weltrend Semiconductor (TWSE:2436) today announced financial results for the quarter ended March 31, 2020 with consolidated revenue of NT$ 474.83 million, net loss of NT$ 130.45 million, and diluted earnings per share of NT$-0.73.|
|Operating income totaled NT$11.96 million, an increase of 689% from NT$1.52 million from a year prior, while non-operating income had a loss of NT$141 million, a decrease of 207% from a gain of NT$132 million a year prior.|
|The loss is majorly due to the plunge of equity market in the first quarter of 2020 amid the pandemic that results a decrease in fair values of the Company’s long term holdings of listed companies’ shares. As the pandemic crisis stabilizes, the Taiwan equity market has reversed 56% of the retreat as the end of April and so will likely the Company’s loss in holdings be reversed.|
|Year-over-year, first quarter revenue decreased 5.1%, net income decreased 217.8%, while diluted EPS decreased 217.7%. Compare to fourth quarter 2019, revenue decreased 20.8%, net income decreased 262.3%, and diluted EPS decreased 258.7%. All figures were prepared in accordance with TIFRS on a consolidated basis.|
|Gross margin for the quarter was 25%, operating margin was 3%, and net loss margin was 27%.|
|Meanwhile, the Company announced April monthly revenues of NT$235 million, an increase of 29% from NT$182 million a year ago while the growth of accumulated revenues turned positive to 4% year-over-year. As the orders from customers are steadily increasing, the Company expects revenues of the second quarter will increase from that of the first quarter.|
|Further details on the results are available at: http://www.weltrend.com.tw/en-global/investor/index/19/22|
|About Weltrend Semiconductor Inc.
Founded in 1989 in the "Silicon Valley of Taiwan", the Science-Based Industrial Park (SBIP) in Hsinchu, Weltrend (TAIEX: 2436) is a leading fabless semiconductor company, also known as IC design house, specializing in the planning, design, testing, application development and distribution of mixed-signal/digital IC products across multiple applications. For more information, please visit www.weltrend.com.