Sat, Mar 30, 2013 - Page 13 News List

Weak yen helps Catcher more than double income

SET FOR SUCCESS:Revenues are expected to grow by a double-digit percentage, benefiting from emerging markets such as China and Southeast Asian countries

By Helen Ku  /  Staff reporter

Catcher Technology Co (可成科技), which supplies metal casings for Apple Inc’s iPhones, yesterday said its net income last quarter more than doubled to NT$4.6 billion (US$154.1 million) from the previous quarter, primarily due to foreign exchange gains.

Net income last quarter grew 132 percent quarter-on-quarter and 70.3 percent year-on-year to NT$4.6 billion, with earnings per share of NT$6.12, Catcher said in a conference call yesterday.

The company gained NT$2 billion from foreign exchange as it repaid debts in yen, which was weak last quarter against most other major currencies.

That drove up last year’s net income by 2 percent to NT$10.89 billion, from NT$10.68 billion in 2011, hitting its highest level in the company’s history, Catcher said.

However, full-year earnings per share last year were NT$14.51, representing a 2.81 percent decline from NT$14.93 the previous year, which Catcher chief financial officer James Wu (巫俊毅) attributed to an increase in the number of issued shares and an increase in capital expenditure.

Catcher chairman Allen Horng (洪水樹) yesterday told investors that the firm would grow its revenues this year from last year’s NT$37.03 billion driven by a diversified product lineup and enhanced manufacturing technologies.

Revenues are expected to grow by a double-digit percentage this year from last year, benefiting from demand from recovering economies such as the US and emerging markets such as China and Southeast Asian countries.

“Though analysts remain cautious about the global economy this year, we are very optimistic about our sales as our clients continue to upgrade their products, particularly the casings used in high-end tablets and smartphones, which generate higher gross margin for us,” Horng told investors.

This year, Catcher expects to manufacture a larger number of casings used in smartphones and tablets rather than those used in notebooks, Horng said.

Last quarter, casings used in tablets were the main driver of the company’s revenues, he added.

Catcher is aiming to expand its share of casings for non-notebooks, such as smartphones and tablets, to 60 percent this year, from 55 percent last year, Horng said.

In the short term, Catcher faces the negative impact of seasonal weakness, Horng said.

Revenues are expected to decrease by between 5 percent and 10 percent quarter-on-quarter from last quarter’s NT$9.91 billion, but revenues are then expected to rebound by between 3 percent and 7 percent next quarter, he said.

Catcher shares closed up 1.49 percent at NT$136 in Taipei trading yesterday, outperforming the benchmark TAIEX which gained 0.66 percent.

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