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Largan Precision announces stellar '13

TAIPEI, Taiwan -- Largan Precision Co. (大立光) yesterday announced stellar 2013 operating results, with after tax earnings-per-share performance reaching NT$71.64.

The company last year accumulated revenues of NT$27.433 billion, among which NT$9.302 billion in sales was achieved in the final quarter of 2013, setting new records for the company's annual and quarterly performance.

In 2013 the company generated a post-tax income of NT$9.61 billion, recording a dramatic 72.29-percent improvement over the previous year's NT$5.578 billion, on annual average gross margins of 47.24 percent and with revenues seeing a 36.67-percent year-on-year gain.

The company attributed its record-breaking performance last year to its role in Apple's supply chain, and the fact that revenues were especially augmented by the release of the iPhone 5S and 5C in the fourth quarter of 2013. Following the release of Apple's popular handsets, Largan's margins in the fourth quarter reached 48.27 percent, from the previous period's 47.11 percent. In addition, the company's performance also benefited from improving production yield rates and capacity toward the end of last year as well as favorable developments in foreign exchange rates.

Meanwhile, Largan yesterday expressed an upbeat outlook for this year, stating that based on preliminary order volumes submitted from major clients, sales figures in the first two months of this year are expected to post year-on-year improvements.

However, the company declined to answer foreign institutional investors' queries on the proportion of sales from China-based markets. The China market is an import revenues driver, and our mainland-based clients have been requesting for modules of increasingly higher-tiered specifications, the company said while fielding questions from institutional investors. Largan also stated that no timetable has been set for its bid to purchase industrial land parcels in Taichung to expand its Taiwan-based production capacity.

Largan shares yesterday tumbled by NT$60, and plunged nearly 7 percent to its intraday low of NT$1160, before rebounding to its closing price of NT$1,185 with trading volume reaching 2.336 million shares.

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