AUO Corporation ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 1Q2009. For the first quarter ended March 31, 2009, AUO posted consolidated revenue of NT$50,741 million (US$1.5 billion), net loss of NT$20,216 million (US$597 million), attributable to equity holders of the parent company NT$20,331 million (US$600 million), and basic LPS NT$2.39 per common share (US$0.71 per ADR unit).
First Quarter Result Highlights
"We are pleased that the demands of the LCD display products are better than anticipated. Despite of the massive rushed orders, AUO has selectively chosen orders in order to protect the Company's profitability. As a result, AUO reported its 1Q2009 with large-sized and small- to medium-sized panel shipments a respective 12.8% and 9.4% Q-o-Q decline. Both are modestly better than our guidance," said Mr. Andy Yang, Chief Financial Officer of AUO. "With stabilizing panel prices, AUO’s loss of Q1 was gradually improved compared to the previous quarter, thanks to the Company’s efforts in cost reduction and product mix improvement. With a strict build-to-order policy over inventory controls, AUO also successfully reduced the Inventory Turnover Days to 32 days in 1Q2009 from 36 days in 4Q2008."
Looking into 2Q2009, AUO expects its utilization rates to improve substantially. In addition to continuing its stringent inventory control policy and to optimizing the product mix, the Company aims to speed up the development of Eco-products, strengthen its supply chain managements, and facilitate the manufacturing processes.
To enrich AUO's product portfolios and to respond to the improving market conditions, AUO’s 8.5 generation ("G8.5") facility located at Taichung Science Park is scheduled to enter the mass production at the end of 2Q. With capacity created by this new G8.5 line and also by leveraging its capacities in existing G6 and G7.5 lines, the Company is confident to best utilize its massive production flexibility in meeting customers' demands of LCD TVs in full spectrum of all panel sizes.
*Amounts converted by an exchange rate of NTD33.87:USD1 as of March 31, 2009.
*All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan ("ROC GAAP")