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WIN Semi Q1 revenue up 68 percent year-on-year


Revenue and profit both achieved better performance than the same period in previous years

WIN Semiconductors, a supplier of GaAs foundry services, has reported its fiscal year 2020, first quarter (1Q20) financial results. Net revenue for the quarter finished at around $200 million (NT$6.1 billion) down 12 percent quarter on quarter but up 68 percent year on year. Gross margin decreased sequentially by 1.2 percentage points to 43.0 percent and operating margin decreased 1.8 percentage points to 31.9 percent.

Operating profit came in at $65 million (NT$2 billion), down 17 percent quarter on quarter but up 546 percent year on year. Net profit reached around $52.7 million (NT$1.6 billion), down 14 percent quarter on quarter but up 945 percent year on year. EPS was $0.12 (NT$3.76), compared to $01.5 (NT$4.4)0 for the fourth quarter of 2019.

Management comments

“For the first quarter of 2020, our revenue and profit both achieved better performance than the same period in previous years. Revenue for the first quarter reached NT$6.1 billion, in line with our previous expectation of declining 12 percent quarter-on-quarter, and materially increased by 68 percent year-on-year. Our capacity utilisation rate declined during the quarter but we were still able to maintain at high levels. Combined with slight changes in the product mix, our gross margin only modestly declined to 43 percent compared to the previous quarter. Our net profit and EPS for the first quarter reached NT$1.6 billion and NT$3.76, respectively.

"Looking at the overall revenue for the first quarter, while all applications in the product mix declined sequentially due to seasonal factors, our first quarter wafer shipments of those having higher relevance to 5G (namely Cellular and Infra) performed relatively better, and 5G Cellular still accounted for more than 20 percent of the overall Cellular revenue.

"We believe that this not only suggests that there is currently no change in the trend for global wireless communications to evolve to 5G, but also indicates that we hold a leading position in technology and business development in 5G. Although COVID-19 continues to affect territories around the world and it is difficult to estimate the impact on the economy and the supply chain, we will strengthen our effort in epidemic prevention and supply chain management, ensure that our R&D progress and capacity expansion plan will not be interrupted, and to be better prepared for any subsequent risks and opportunities.

"Looking ahead to the second quarter of 2020, we expect revenue to decline low-single digit quarter-on-quarter and gross margin to be around the level of low-forties.”

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