LCD panel makers Chunghwa Picture Tubes (CPT) and HannStar Display have announced net loss of NT$5.2 billion (US$170.44 million) and NT$2.2 billion, respectively, for the third quarter of 2010.
CPT's consolidated revenues for the third quarter totaled NT$19.49 billion, down 18.7% sequentially but up 1.3% on year. TFT LCD consolidated revenues were NT$17.59 billion, a decrease of 18.9% sequentially but an increase of 2.2% on year. EPS for the quarter was negative NT$0.39.
Shipments of large-size LCD panels in the third quarter totaled 5.72 million units, down 15.4% sequentially.
Shipments of small- to medium-size panels were 101.74 million units for the quarter, up 20.1% sequentially, and revenues generated by small- to medium-size panels reached NT$6.66 billion, increasing 11.4% sequentially.
CPT indicated that the company expects to achieve its small- to medium-size panel shipment goal of 330 million units for 2010. Due to increasing shipments of small- to medium-size panels, CPT president Lin Sheng-chang noted that revenues from small- to medium-size panels accounted for one-third of CPT's total revenues in the third quarter and will move towards 50% in the future. Small- to medium-size panel revenues will account for over 40% of the total revenues in 2011, and the company will speed up the conversion of capacity to meet demand from the smartphone, tablet PC and car-use display markets.
CPT has started to produce medium-size panels at its 6G plant. It has announced to allot about 10,000 substrates from the 6G plant for touch sensor production and product validation and shipments will start soon.
Inventory turnover days in the third quarter went down to 30 days from 37 days in the second quarter. CRT consolidated revenues for the quarter totaled NT$1.9 billion, down 16.5% sequentially and 6.7% on year.
HannStar Display's revenues reached NT$12.81 billion in the third quarter of 2010, decreasing by 26% sequentially. Operating loss came to NT$1.58 billion, and net loss reached NT$2.2 billion with an EPS of negative NT$0.42. Gross, operating, EBITDA, and net margin were negative 2%, negative 12%, 9%, and negative 17% respectively.
Small- to medium-size panel shipments for the quarter reached a new record of 83 million units, accounting for 60% of HannStar's total revenues.
Taiwan top-4 LCD panel makers: Revenues, 3Q09 - 3Q10 (NT$m) |
Quarter | AUO | CPT | CMI | HannStar Display |
Sales | Y/Y | Sales | Y/Y | Sales | Y/Y | Sales | Y/Y |
3Q-10 | 118,930 | 9.9% | 16,697 | 2.3% | | | | |
2Q-10 | 121,924 | 49.7% | 20,449 | 107.7% | 143,248 | 262.8% | 17,216 | 29.4% |
1Q-10 | 106,242 | 110.5% | 18,891 | 139.2% | 67,423 | 124.8% | 14,695 | 155.1% |
4Q-09 | 110,064 | 84.9% | 14,252 | 16.8% | 46,411 | 44.5% | 14,055 | 151.4% |
3Q-09 | 108,200 | 4.2% | 16,327 | (23.2%) | 47,654 | 15.3% | 17,569 | 16.7% |
*Figures are not consolidated
Source: TSE, compiled by Digitimes, November 2010
Taiwan top-4 LCD panel makers: Income statement, 2Q10 (NT$k) |
Item | AUO | CPT | CMI | HannStar Display |
Gross sales | 228,394,455 | 39,689,931 | 211,516,347 | 32,175,068 |
Operating revenue | 228,165,923 | 39,340,228 | 210,671,705 | 31,911,448 |
Gross profit (loss) from operations | 28,583,016 | -1,752,531 | 20,124,301 | 1,774,613 |
Operating expenses | 9,936,191 | 3,111,633 | 7,170,769 | 2,375,065 |
Operating income (loss) | 18,646,825 | -4,864,164 | 12,953,532 | -617,335 |
Income from continuing operations before income tax | 18,581,474 | -4,678,610 | 14,835,764 | -1,332,334 |
Net income (loss) | 18,059,535 | | 12,926,895 | -1,332,334 |
Fully-diluted earnings per share | 2 | | 2.3 | |
*Figures are not consolidated
Source: TSE, compiled by Digitimes, November 2010