Despite delivering overall positive financial performance, Taiwanese electronic group LiteOn’s LED lighting business revenue fell slightly during first quarter of 2016.

The optoelectronic business arm revenue amounted to 23% of the group’s total revenue, benefiting from automotive LED lighting and LED component growth. However, lighting module business restructures dragged down overall LED business performance, resulting in an annual revenue decline of 11%.

The group benefited from strong growth in its cloud computing, memory devices and LED lighting business growth, which brought its consolidated revenue to NT$ 49.84 billion (US $1.53 billion). The group’s gross margin and net profit margin increased incrementally by respectively 0.7% YoY and 0.8% YoY during last quarter, resulting in reported gross margin of 13.2% and net profit margin of 4.1%.

Net profits for the group climbed up 19% to reach NT $2.04 billion during first quarter of 2016, while its net profits climbed up 4% to reach US $1.71 billion.

The company’s outlook for second quarter of 2016 is positive, due to rising demands in cloud computing, memory devices, LEDs, lighting applications. The company projects its overall operations will improve in second quarter.