Motech Industries Inc.: revenues for the fourth quarter
Taipei, Taiwan, March 30, 2009 – Motech Industries Inc. (“Motech”, “We”, or the “Company”), one of the world’s leading producers of photovoltaic (PV) cells, today reported unconsolidated net revenues1 of NT$ 5,125 million for the fourth quarter of 2008 (4Q08), up 15% year-over-year but down 24% sequentially. Net income for the quarter was NT$ 509 million, down 17% year-over-year and 44% sequentially respectively. Earnings per share (EPS) for the quarter were NT$ 2.04(note 1), compared to NT$ 2.60(note 2) for 4Q07 and NT$ 3.67(note 1) for 3Q08.
For the twelve months ended December 31, 2008, the Company reported unconsolidated net revenues of NT$ 22,859 million, up 47% from the same period of 2007. On a nonconsolidated basis, gross profit and operating profit were NT$ 3,499 million and NT$ 2,766 million, up 17% and 14% from the same period of 2007 respectively. Net income for the period was NT$ 2,302 million, compared with a net income of NT$ 2,442 million for the same period of 2007. The decline in net income was primarily caused by foreign exchange losses of NT$ 192 million and inventory devaluation losses of NT$ 132 million under SFAS No. 10. Earnings per share were NT$ 9.23(note 1), compared to NT$ 10.39(note 2) for the same period of 2007.
On a consolidated basis, the Company reported net revenues of NT$ 22,822 million, up 46% from the same period of 2007. Consolidated gross profit and operating income amounted to NT$ 3,502 million and NT$ 2,647 million, up 16% and 9% from the same period of 2007 respectively. Consolidated net income for 2008 was NT$ 2,291 million, down 6% yearover- year.
Motech Industries Inc. (formerly Meter International Corporation before 1998) was founded in 1981 as a designer and manufacturer of test and measurement instruments. The company entered into solar cell production in 1999, and is a pioneer in the manufacturing and marketing of high-quality single and multi-crystalline silicon solar cells in Taiwan. Today, the company is the largest solar cell manufacturer in Taiwan and one of the top ten manufacturers worldwide in terms of production capacity and output in 2007. "Modern Technology for a Sustainable World" is the company’s motto to emphasize its strong dedication to developing a sustainable world and to encouraging the use of renewable sources of energy so that we, as citizens of the world, can breathe easier in the years to come. Motech is a publicly traded company on Taiwan's Over-the-Counter (OTC) market with the trading code of 6244.