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AAC Acoustic Announces First Quarter 2008 Results
with
Net Profit Growth of 36.0% and Turnover Growth of 23.8%
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Financial Highlights
|
For the 3 months ended
31st March, 2008
RMB¡¯ million |
Change versus period for the 3 months ended
31st March, 2007 |
Turnover |
552 |
+23.8% |
Gross Profit |
235 |
+13.9% |
Gross Profit Margin (%) |
42.5 |
-3.7 pts |
Profit Attributable to Equity Holders of the Company |
158 |
+36.0% |
Net Profit Margin (%) |
28.7 |
+2.6pts |
Earnings per Share ¨C Basic |
RMB12.84 cents |
+37.5% |
(23rd May, 2008 ¨C Hong Kong) ¨C AAC Acoustic Technologies Holdings Inc. (¡°AAC Acoustic¡± or ¡°the Company¡±; HKEx: 2018), a world leading manufacturer of miniature components, announced today its results for the three months ended 31st March, 2008.
For the three months ended 31st March, 2008, the Company recorded a turnover of RMB552 million, representing an increase of 23.8% versus the turnover of RMB446 million for the same period in 2007. Turnover increased mainly due to the further ramp up of new customers and new product platforms. Gross profit for the period amounted to RMB235 million, representing an increase of 13.9% versus the gross profit of RMB206 million achieved during the same period in 2007. Gross margin dropped to 42.5% due to appreciation of the RMB and change in product mix with more headset sales. The Chinese New Year holiday also resulted in lower plant utilization rate, disruption of production and higher production cost but this is only a seasonal and short-term concern. Despite the increasingly challenging operating environment, the Company remains committed to its cost-down initiatives and the increasing use of automation to improve yield and efficiency. Management expects the positive effects on operations and margins brought about by the cost-down initiatives to be more significant beginning in the second half of 2008. Moreover, there were many platform changes happening in 1Q¡¯2008 and management expects some new large-volume product platforms to start ramping in 2Q¡¯2008. 1Q¡¯2008 net margin of 28.7% was much higher than the 26.1% recorded in 1Q¡¯2007. The higher net margin was a result of booking an exchange gain instead of an exchange loss, no legal fees expensed as the lawsuit against Knowles Electronics LLC was resolved, as well as the Company¡¯s ability to realize more operating leverage. Profit attributable to equity holders of the Company and EPS for the three months ended 31st March, 2008 were RMB158 million and RMB12.84 cents, respectively, representing an increase of 36.0% and 37.5% when compared to the same period in 2007.
The first quarter of each year is typically the low season for AAC Acoustic. Management expects momentum to pick up in 2Q¡¯2008 and beyond and remains optimistic about the full year growth outlook.
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About AAC Acoustic Technologies Holdings Inc.
AAC Acoustic Technologies Holdings Inc. (HKEx: 2018) is a world leading manufacturer of miniature components. The Company designs, manufactures and distributes a comprehensive suite of receivers, speakers, speaker modules, multi-function devices, microphones, transducers and headsets for use in mobile handsets, game consoles, notebook computers and other consumer electronics devices such as MP3 players and MP4 players. Recently, the Company launched the production of a variety of miniature vibrators and also bought an antenna design house to diversify into the production of non-acoustic components. For more information about AAC Acoustic, please visit http://www.aacacoustic.com.
Contact:
AAC Acoustic Technologies Holdings Inc.
Stephanie Lau
Vice President, Investor Relations
Tel: 852 3470 0078
Fax: 852 3470 0103
Email: aac2018@aacelectr.com
For press enquiries:
Strategic Financial Relations Limited
Vicky Lee : Tel: 852 2864 4834 Email: vicky.lee@sprg.com.hk
Emily Au : Tel: 852 2864 4864 Email: emily.au@sprg.com.hk
Germain Lam : Tel: 852 2864 4861 Email: germain.lam@sprg.com.hk
Fax: 852 2804 2789 / 852 2527 1196 |
