Ahoku Electronic foresees huge growth in 2003 earnings

Taipei, June 2, 2003 (CENS)--Ahoku Electronic Co., a local manufacturer of electric passive devices listed on the Taiwan Stock Exchange, expects its after-tax profit for this year to jump by 91.2% from last year.

Ahoku produces surge protectors, chip resistors, current sensors, outlet sockets, and others, with surge protectors accounting for about 51% of its sales revenue.

In light of largely growing orders for surge protectors and smart outlet sockets, Ahoku anticipates booming business operation this year. Therefore the firm makes optimistic financial forecast for this year as follows: revenue of NT$520 million (up 44.4% from 2002), gross operating profit of NT$141 million (up 34.3%), net operating profit of NT$53.57 million (up 61.2%), pretax profit of NT$165 million (up 100%), after-tax profit of NT$128 million (up 91.2%), and net (after-tax) earnings per share of NT$2.07 based on the current capital of NT$618 million.

Ahoku hit its historically highest quarterly revenue of NT$158 million in the first quarter, climbing by over 50% from the same period of last year. The company predicts revenue of NT$171 million and pretax profit of NT$38.4 million for the second quarter.

As the production capacity of its factory in Dongguan of Guangdong Province, mainland China, is currently fully occupied, Ahoku is expanding the factory. Upon completion of the expansion, the mainland factory's production capacity will take up over 90% of the company's total.

Ahoku's shareholders passed the distribution of a dividend per share of NT$1 all in stock for the company's 2002 operation at this year's meeting on May 30.