TPK posts stronger-than-expected net profit

Taipei Times
Date: Nov 02, 2016
By: Lisa Wang / Staff reporter

TPK Holding Co (宸鴻), which supplies touch panels for Apple Inc’s iPhones and Apple Watches, yesterday posted stronger-than-expected net profit for last quarter, benefiting from increased demand as clients launched new products.

Net profit totaled NT$684 million (US$21.67 million) in the quarter ended Sept. 30, reversing a loss of NT$2.5 billion in the second quarter, a TPK financial statement showed. Earnings per share improved to NT$1.97, from minus-NT$7.28 in the prior quarter.

Demand came back as customers finished inventory digestion and placed more orders ahead of new product launches, which helped boost factory utilization well above the break-even point, TPK said. Shipments of touch panels used in smartphones and wearable devices surged 1.8-fold last quarter from a quarter earlier.

Apple, TPK’s No. 1 client, launched its iPhone 7 and new Apple Watch devices in early September.    [FULL  STORY]

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