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Taipei, Taiwan, Aug 9 2023 – TPK Holding Co., Ltd. (TWSE: 3673) (“TPK” or the “Company”) today announced 2023 2 nd quarter unaudited consolidated operating results. Company reported revenues of NT$16,229 million and net profit of NT$32 million, or earnings per share of NT$0.08 for the quarter. For the first half of 2023, revenues reached NT$33,553 million and EPS amounted to NT$0.33.

2Q23 Operating Results

Despite low quarterly seasonality and gloomy economic outlook, 2Q23 revenues was slightly down 6.3% sequentially. Gross profit amounted to NT$630 million and gross margin remained flattish to the previous quarter at 3.9%. In terms of product mix, demand for tablets continued to be weak as consumer confidence and purchasing power remained low in this quarter. Revenues from tablet products (7” to 11”) declined 17.9% quarter-on-quarter. On the other hand, notebook PC (11” to 16”) and large-size (>16”) segments showed signs of stabilization with sequential growth of 9.6% and 32.7%, respectively. Small-sized revenues registered a sequential decline of 26.5% post new e-reader product ramp-up in the first quarter and existing smart phone product reaching end of life.
For COGS items, raw materials were NT$13,320 million, representing 82.1% of revenues, same as the previous quarter. Labor expense reduced to NT$1,091 million, equivalent to 6.7% of revenues. Depreciation cost decreased to NT$820 million, flat quarter-on-quarter. Total 2Q23 operating expense lowered to NT$773 million, down 2.6% from the previous quarter. In spite of cost reduction, lower utilization and economics of scale weighed on profitability and resulted in operating loss of NT$142 million.
For the second quarter, Company recorded net interest income of NT$131 million and foreign exchange gain of NT$54 million for the quarter with successful risk-free interest rate and forex management. Other non-operating income amounted to NT$78 million, mainly including government subsidies. For 2Q23, net profit totaled NT$32 million, and earnings per share were NT$0.08.

Balance Sheet & Cash Flow

As of June 30 2023, cash and cash equivalent1 amounted NT$50,541 million, up from NT$46,131 million at the end of first quarter. Total bank borrowings also increased from NT$33,483 million to NT$35,394 2 million. Capital expenditure for the second quarter was NT$237 million on accrual basis. EBITDA remained healthy at NT$1,495 million for the quarter. TPK remained at net cash of NT$15,147 million as of June 30 2023.

Note: All financial numbers are prepared in accordance with IFRs, which is approved by regulators in Taiwan.
Note 1: Cash and cash equivalent includes “Cash Equivalents” and “Risk-Free Banking Financial Product.”

Press Release (PDF)

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