Sintek Photronic raised its 2003 financial forecast yesterday and now expects its pre-tax profits to reach NT$980 million, 22.3% more than originally forecast, according to Will Wang, company vice president and CFO.
Sintek has raised its color filter (CF) prices by 8-10% this quarter and saved about NT$27 million in operating costs by contracting part of its workforce to its affiliate, South Sintek Photronic. It has also benefited from depreciation of the yen in purchases and expects to recognize a NT$340 million government tax credit for investment in South Sintek before year-end, Wang said.
The company expects pre-tax profits of NT$437 million and a pre-tax margin of 22% this quarter and plans to further raise its 15-inch CF prices to US$30 in the first quarter of next year.
|
Sintek: Revised 2003 financial forecast (NT$m) | |||
|
|
Original |
Revised (unaudited) |
Growth |
|
Sales |
6,463 |
6,880 |
6.5% |
|
Gross profits |
1,277 |
1,585 |
24.1% |
|
Gross margin |
19.8% |
23.0% |
3.2pp |
|
Pre-tax profits |
801 |
980 |
22.3% |
|
Pre-tax EPS (NT$) |
1.49 |
1.6 |
7.4% |
Source: company, compiled by DigiTimes, December 2003.
Article translated by Carrie Yu and edited by Richard So
