Fortune Electric (1519) Q1 2024 earnings summary

Executive summary

• Achieved strong revenue and profit growth for Q1 2024 compared to Q1 2023, with significant increases in both sales and construction revenue.

• Net profit attributable to owners rose sharply, and comprehensive income improved year-over-year.

Financial highlights

• Total operating revenue for Q1 2024 was NT$3,037,501 thousand, up from NT$1,540,545 thousand in Q1 2023.

• Gross profit increased to NT$1,041,852 thousand from NT$431,787 thousand year-over-year.

• Net profit for the period was NT$593,935 thousand, compared to NT$202,854 thousand in Q1 2023.

• Basic and diluted EPS for Q1 2024 were NT$2.29, up from NT$0.79 in Q1 2023.

• Cash and cash equivalents at March 31, 2024, stood at NT$3,347,610 thousand, up from NT$921,233 thousand a year earlier.

Outlook and guidance

• Adoption of new IFRS standards, including IFRS 18, is expected to impact future financial statement presentation and disclosures.

• The group is continuously assessing the impact of new standards and will disclose effects upon completion of assessment.