JCET Posts Second Consecutive Quarter with Record High in Q2 2020
Strong demand for advanced technology drives growth (Q2 2020 Financial Highlights):
- Revenue was RMB 6.27 billion, a record high in the second quarter. On a comparable basis, taking into account the accounting change in revenue recognition, it was an increase of 55.3% year on year (see note).
- Generated RMB 1.00 billion cash from operations, up 54.9% year on year. With net capex investments of RMB 0.64 billion, free cash flow for the quarter was RMB 0.36 billion.
- Net profit was RMB 0.23 billion, a record high second quarter in the past five years.
- Earnings per share was RMB 0.15, as compared to RMB -0.13 in Q2 2019.
Note: During the reporting period, we optimized the business model for the purchase and sale of certain packaged products, of which JCET Group no longer bears the general inventory risk on the main raw materials. In accordance with PRC GAAP, both revenue and costs of goods sold were recorded on the net basis and decreased by RMB 0.93 billion respectively. This change had no impact on the company's net profit. Assuming that revenue was still recognized by the gross method (should be recorded on the net basis according to PRC GAAP), it would be RMB 7.20 billion, an increase of 55.3% over the same period last year.
SHANGHAI, Aug. 20, 2020 /PRNewswire/ -- Global leading semiconductor microsystem integration packaging and test provider, JCET Group (SH: 600584) reported financial results for the second quarter 2020, ended June 30th, 2020. Revenue was RMB 6.27 billion and net profit was RMB 0.23 billion, both a record second quarter high in the past five years. These results show that JCET's investment in the development of advanced packaging and test technologies has begun to bear fruit.
Mr. Li Zheng, Chief Executive Officer of JCET Group, said, "Following our strong Q1 with this Q2 performance shows that JCET is benefiting from the strengths of our three global manufacturing hubs, and the continuous improvement of our operational excellence. The rapid development of the 5G communications industry and high-performance computing applications has increased the demand for advanced packaging technologies and manufacturing processes. JCET Group's global supply chain resources and strong portfolio of advanced technology combined with our world-class management team will continue to provide our global customers with industry-leading semiconductor packaging, test and design services."
Ms. Janet Chou, Chief Financial Officer of JCET Group, said, "JCET delivered solid second quarter results with improvement in key financial metrics. Our performance demonstrated our commitment to drive profitable growth and cash generation."
About JCET Group:
JCET Group is a leading global semiconductor system integration packaging and test provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.
Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive and industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, six manufacturing locations in China, Korea and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world.