Intense Market Competition Drives Down Refond Opto Net Profit in 2014

News Source：

STCN.com (證券時報網)

Chinese manufacturer Refond Optoelectronics (Refond Opto) released their 2014 half year financial report on July 9. The company estimates net income available to stockholders for the first half of the year to reach RMB 19.64-23.56 million (US $3.2-3.8 million), YoY drop of 10-25 percent.

In the first half of 2014, the LED lighting market welcomed historic development opportunities, boosting company sales revenue compared to the first half of 2013. Due to intense market competition and acquisitions, as well as strategic alliances among large LED lighting clients, Refond Opto’s profit margins declined. In order to complete the company’s 2014 strategic goals, Refond Opto increased its R&D and extended its focus towards the automotive electronics, EMC, and lighting module sectors. This has led to a notable increase in its marketing and management costs compared to 2013. Nonrecurring profit and loss is estimated to reach RMB 43.7 million.

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