CO-TECH Development (8358) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was NT$1,816,546 thousand, up 45% year-over-year; first half revenue reached NT$3,321,961 thousand, up 11% year-over-year.

• Net income for Q2 2024 was NT$291,502 thousand, up 248% year-over-year; first half net income was NT$504,021 thousand, up 92% year-over-year.

• Gross margin for Q2 2024 improved to 23% from 12% in Q2 2023.

Financial highlights

• Operating income for Q2 2024 was NT$362,747 thousand, up 240% year-over-year; first half operating income was NT$620,496 thousand, up 84% year-over-year.

• Basic and diluted EPS for Q2 2024 were both NT$1.15; first half EPS was NT$2.00, up from NT$1.04 year-over-year.

• Cash and cash equivalents at June 30, 2024 were NT$2,023,430 thousand, up from NT$1,584,581 thousand a year earlier.

• Total assets at June 30, 2024 were NT$8,817,250 thousand, up 20% year-over-year.

Outlook and guidance

• Management expects to meet carbon fee thresholds by year-end 2024, with potential impact from new environmental regulations.

• No material changes in accounting policies or standards expected to impact future results.