Synnex Scores Net Profits of NT$1.85 B. in Q2

Taipei, Aug. 8, 2011 (CENS)--The Taiwan-based Synnex Technology International Corp., the largest 3C product distributor in Greater China, scored net profits of NT$1.85 billion, or NT$1.2 per share, for the second quarter of this year, representing a 50% growth from NT$1.24 billion posted a year earlier, according to the firm's latest financial statements.

Institutional investors noted that the brisk profits for the quarter were due partly to the firm's successful reinvestments in India, the U.S., Thailand, Turkey and Indonesia, and partly to currency exchange incomes.

The firm finished the first half of the year with combined revenue of NT$14.72 billion, including NT$72.8 billion scored in the second quarter, and pretax profits of NT$3.75 billion, up 28% yearly, with EPS (earnings per share) of NT$2.1. The firm's first-half net profits of NT$3.26 billion were also 31% more than a year earlier. However, affected by supply shortages of iPad and hard drives, the firm's second-quarter combined revenue was lower than institutional investor's projection.

At present, the firm's product lines mainly include IT (information technology)-based devices, handsets, consumer electronics and IC parts and components, with IT-based devices commanding the largest share. Gaining distributorship from large-sized international IT companies, including IBM and HP, the firm has stepped up exploring the commercial segment this year.

With seasonal booms hitting the distribution market and new tablet PC models launched by globally famous brands, the firm is expected to see a 15-20% growth in its combined revenue for the third quarter of the year.

Synnex's Sales and Profits Performance
	1st Half of 2011	1st Half of 2010	Year-on-year Growth Rate
Operating Incomes	NT$2.27 bn.	NT$2.22 bn.	2%
Pretax Profits	NT$3.75 bn.	NT$2.92 bn.	28%
Net Profits	NT$3.26 bn.	NT$2.49 bn.	31%
EPS	NT$2.11	NT$1.70	24%

Source: Synnex