Largan Precision Co (大立光), which supplies camera lenses to Apple Inc, yesterday posted record-high net profit of NT$28.26 billion (US$941.75 million) for last year, thanks to robust customer demand and a higher gross margin.
The company’s net profit increased 16 percent year-on-year from NT$24.37 billion in 2018. Earnings per share last year climbed to NT$210.69 from NT$181.67 in 2018.
Cumulative revenue reached NT$60.75 billion, up 22 percent from NT$49.95 billion in 2018, while gross margin inched up to 69.04 percent from 68.76 percent in 2018.
Net profit in the fourth quarter of last year grew 24.91 percent year-on-year to NT$8.09 billion, or earnings per share of NT$60.32, while fourth-quarter gross margin rose to 71.13 percent from 69.12 percent in the third quarter, thanks to an improved product mix, the company said.
Sales last quarter increased 47.69 percent year-on-year to NT$18.36 billion, but declined 0.68 percent on a quarterly basis, a company financial statement showed.
Revenue this month is expected to fall somewhat from last month due to the Lunar New Year holiday, but revenue next month should trend upward, Largan CEO Adam Lin (林恩平) told investors in an earnings conference.
“The proportion of high-end products shipped increased last quarter,” Lin said, attributing last year’s strong growth to higher shipments of eight-piece plastic lenses, which allow larger apertures and higher resolutions.
Orders of high-end lenses are expected to remain high this year, Lin said, adding that the company has started to design nine-piece lenses to accommodate customer demand.
Largan is still developing glass-and-plastic periscope lenses, a solution to overheating in plastic lenses.
The company still outsources the production of glass components, but is mulling manufacturing the components in-house, Lin said.
Production capacity at the company’s existing plants could still be increased, Lin said, addressing investors’ concerns.
“Our new plant will be ready by 2023, as construction is to begin this year,” Lin added.
The company has searched far and wide, but been unable to find a plot of land that is suitable for production expansion, Lin said when pressed by investors about capacity, adding that the company might rent a facility.
Investors raised concerns over an apparent shortage of raw materials this quarter, but Lin reassured them, although he admitted that suppliers could use more time to expand production.
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