San’an Optoelectronics (San’an Opto) released their first quarter fiscal 2014 financial results on April 21, 2014. Production capacity expansion to their LED subsidiaries as well as increased production sales volume boosted operating revenue by 30.7 percent. Government subsidies received in 1Q14 increased non-operating revenue 130 percent YoY.

The company’s operating revenue in 1Q14 reached RMB 823 million (US $131.8 million), growth of 30.7 percent YoY. Net income attributable to shareholders was RMB 228 million, increase of 42.49 percent YoY. EPS was RMB 0.15. 

Unable to meet growing LED demands, San’an Opto decided to raise RMB 500 million in funds to expand production capacity at its three subsidiaries in Anhui Providence, Tianjing Providence, and Xiamen Providence. Increase in equipment and other related matters will be arranged by the three subsidiaries.