AUO Corporation ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated financial results for the first quarter of 2022(1).
Consolidated revenues in the first quarter of 2022 were NT$81.53 billion, down by 12.4% quarter-over-quarter. AUO’s net profit attributable to owners of the Company for the first quarter of 2022 was NT$5.16 billion, with a basic EPS(2) of NT$0.54.
In the first quarter of 2022, the total panel area shipment reached around 6.05 million square meters, down by 7.0% quarter-over-quarter and decreased by 4.7% year-over-year.
Highlights of consolidated results for the first quarter of 2022
Looking back to the first quarter, which is traditionally the slow season, and combined this with the impact from the Russia-Ukraine war and inflation, market prices for panels continued to decline and the Company’s panel area shipment decreased from the previous quarter. As a result, the Company’s revenues were NT$81.53 billion for the first quarter, a decline of 12.4% quarter-over-quarter. In terms of profitability, operating profit was NT$5.30 billion and net profit attributable to owners of the Company was NT$5.16 billion. Both metrics were lower than the previous quarter due to reduced revenues.
Looking to the second quarter, the market is still expected to be affected by several factors, which will require close attention given their uncertainty. In the face of these circumstances, the Company intends to dynamically adjust its operation strategy and continue to implement its biaxial transformation. In addition, the Company will allocate more resources to develop premium, commercial, and highly-customized products, as well as vertically-integrated total solution services. The Company believes this strategy will eventually lead to enhanced product value and help the Company to achieve long-term profitability and operation stability.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the first quarter of 2022 was calculated based on the weighted average outstanding shares of the reporting quarter (9,571 million shares).
(3) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.