Feng Tay Enterprises (9910) Q1 2024 earnings summary

Executive summary

• Operating revenue for Q1 2024 was NT$20,616,451 thousand, up 5.7% year-over-year from NT$19,502,750 thousand.

• Net profit for Q1 2024 reached NT$1,339,620 thousand, a 56% increase compared to NT$856,468 thousand in Q1 2023.

• Basic earnings per share for Q1 2024 was NT$1.29, up from NT$0.76 in Q1 2023.

• Total comprehensive income for Q1 2024 was NT$2,388,674 thousand, significantly higher than NT$706,166 thousand in Q1 2023.

Financial highlights

• Gross profit margin improved to 21% in Q1 2024 from 18% in Q1 2023.

• Operating income rose to NT$1,341,154 thousand, up from NT$926,905 thousand year-over-year.

• Non-operating income and expenses contributed NT$484,175 thousand in Q1 2024, compared to a loss of NT$31,175 thousand in Q1 2023, mainly due to foreign exchange gains.

• Cash and cash equivalents at March 31, 2024 were NT$3,371,591 thousand.

• Total assets as of March 31, 2024 were NT$51,789,191 thousand, with total equity of NT$27,122,370 thousand.

Outlook and guidance

• The group expects to comply with loan covenants for at least 12 months after the reporting date.

• The group is evaluating the impact of new IFRS standards, including IFRS 18, effective January 1, 2027.