Taiwan’s AU Optronics returns to profit in Q1

TAIPEI, April 22 (BestGrowthStock) – AU Optronics Corp (2409.TW: ),
Taiwan’s No.2 LCD maker, returned to profit in the first quarter
after firm demand boosted sales and prices of its displays for
computers and flat-screen TVs remained stable.

The outlook is bright for AU Optronics’ (AUO.N: ) as new
laptops and thinner TV models sell well.

A supplier to top brands such as Dell Inc (DELL.O: ),
Hewlett-Packard Co (HPQ.N: ) and Sony Corp (6758.T: ), AU Optronics
said on Thursday it booked a net profit of T$7.3 billion ($233
million) in January-March.

That compared with a net loss of T$20.2 billion in the same
period a year earlier and a net loss of T$7.9 billion in the last
quarter of 2009. AU was expected to report a first-quarter net
profit of T$3.6 billion, according to the consensus forecast by
Thomson Reuters I/B/E/S.

Newly merged Chimei Innolux (3481.TW: ), which overtook AU as
Taiwan’s No.1 and the world’s No.3 LCD maker in March, is set to
report its quarterly earnings later this month.

So far this year, AU’s stock has fallen 10 percent on worries
over weaker panel prices in the traditionally slow season in the
second quarter. The TAIEX (.TWII: ) share index has lost 3.5
percent in the same period.

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(US$1=T$31.4)
(Reporting by Baker Li, Editing by Anshuman Daga)

Taiwan’s AU Optronics returns to profit in Q1