Ennoconn Corp (樺漢科技) yesterday reported its best first-quarter financial results in its history and said it remains positive about the second quarter, based on orders and improving inventory turnover.
Ennoconn, an industrial computer subsidiary of Hon Hai Precision Industry Co (鴻海精密), provides hardware solutions for point-of-sale, banking automation, kiosk, lottery and industrial automation systems.
The company attributed last quarter’s growth to improving shipments, as well as the services it provided to major financial retailers and lottery operators in the European and US markets.
Photo courtesy of Ennoconn Corp
Net profit for the January-to-March quarter jumped 56.7 percent year-on-year to NT$492.45 million (US$16.02 million), Ennoconn said, as expanding business scale and better collaboration with its customers helped improve its bottom line.
On a quarterly basis, net profit declined 75.9 percent from NT$2.05 billion.
Earnings per share were NT$4.64, compared with NT$2.98 a year earlier and NT$19.31 the previous quarter, company data showed.
As the company’s three major units — design and manufacturing, systems integration and brand business — maintained steady growth momentum, first-quarter revenue rose 31.5 percent year-on-year to NT$28.49 billion.
The figure rose 14.1 percent from the previous quarter.
In the first quarter, the design and manufacturing segment’s profit jumped 122 percent from a year earlier, while profits generated by the systems integration and brand business segments rose 24.2 percent and 57.1 percent respectively, the company said.
Ennoconn’s revenue last month rose 26.45 percent year-on-year to NT$9.33 billion, bringing cumulative revenue in the first four months to NT$38.07 billion.
The company said its cumulative revenue increased 31.05 percent from the previous year and was its best January-to-April figure ever.
The company said it is upbeat about this year, as it has clear order visibility through the first quarter of next year and has a book-to-bill ratio of about 1.1 percent.
Figures above 1 percent indicate increasing demand.
Ennoconn chairman Steve Chu (朱復銓) yesterday said the company has reached a new milestone for its business transformation from industrial PC to intelligent computing and innovative platform convergence, following five years of horizontal and vertical integration of resources at the company’s subsidiaries and partners.
The company aims to develop business opportunities with partners including MediaTek Inc (聯發科), Google Cloud, Chunghwa Telecom Co (中華電信), Intel Corp and Arm Ltd, it said at an event in Taipei.
Ennoconn is committed to implementing a diversified and multifaceted business model, extending global deployment of multiple supply chains and continuing hardware, and software integration to maintain its competitiveness, despite macroeconomic headwinds, it said.
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