© Seoul Semiconductor Business | May 01, 2020
Seoul Semi hit its guidance even during current pandemic
Despite abruption to production facilities for most global manufacturers due to COVID-19, Seoul achieved its guided range of KRW 240 billion (EUR 182.86 million) to KRW 260 billion (EUR 198.10 million) in revenues for the quarter.
Seoul Semiconductor managed to generate KRW 243 billion (EUR 185.15 million) for consolidated revenue for the first quarter and operating profit of KRW 6 billion (EUR 4.57 million). To mitigate manufacturing risks, Seoul has built manufacturing sites in various locations such as Korea, China, Vietnam and in the US. “This has helped the company to quickly respond to customer needs and demands in various market situations. During the recent abruptions brought on by the trade war between the US and China and the natural disaster COVID-19, Seoul has been very effective in meeting customers’ demand. Customers who would normally procure OEM LEDs at the cheapest available price regardless of intellectual properties, have begun to search for new sourcing partners outside China to secure stable supply, and inquiries for Seoul’s patent protected products has been on a rapid rise. Such demand is expected to have a long-term positive effect on Seoul’s future revenue,” the company writes in a press release. The sales from the general lighting segment have declined year-on-year due to customers production halts at the fixture level. However, the sales of WICOP LEDs which have begun to penetrate into automotive customers head lamps, grew double digit year-on-year to offset overall sales decline. WICOP LED is a differentiated patented technology which offers package-less solutions for slimmer display and has been growing in double-digit numbers for the past consecutive quarters. Seoul provided a sales guidance range of KRW 250 to 270 billion (EUR 190.5 to 205.7 million) for the upcoming second-quarter suggesting a 3% ~ 11% quarter-over-quarter growth.
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