AU Optronics logs third quarterly profit on strong shipments

TAIPEI Mon Jan 27, 2014 1:22am EST

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TAIPEI Jan 27 (Reuters) - Taiwan's AU Optronics Corp , the world's fourth biggest LCD maker, posted on Monday its third consecutive quarterly profit that beat market expectations, boosted by robust shipments and low inventory.

AU Optronics, which supplies major brands like Apple Inc , Hewlett-Packard Co, Dell Inc and Sony Corp, posted a net profit of T$1.08 billion ($35.7 million) for the October-December period, its third consecutive quarterly profit after 10 successive quarters of losses.

Seventeen analysts had expected AU to post a net loss of T$658.38 million. The number compares to net profit of T$2.49 billion in the previous quarter and a net loss of T$12.5 billion in the same quarter last year.

The LCD maker said its consolidated revenues for the fiscal year 2013 rose 10 percent year-on-year to T$416.36 billion, while net profit at T$4.25 billion.

Before the announcement, shares of AU closed down 2.2 percent, versus a 1.6 percent fall in the broader market .

($1 = 30.2235 Taiwan dollars)

(Reporting by Michael Gold in TAIPEI and Twinnie Siu in HONG KONG; Editing by Matt Driskill)

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