Rebecca Kuo, Tainan; Steve Shen

 

Chimei Innolux (CMI) saw its net losses widen to NT$17.257 billion (US$577 million) for the third quarter of 2011 from NT$13.01 billion in the previous quarter, according to a company's filing with the Taiwan Stock Exchange (TSE).

For the first three quarters of 2011, net losses amounted to NT$44.448 billion, translating into an EPS of negative NT$6.08.

Third-quarter losses were incurred although consolidated revenues were up 2.5% sequentially to NT$124.7 billion in the quarter. Shipments of large-size LCD panels increased 4.3% on quarter to 36.99 million units, while shipments of small- to medium-size panels climbed 15.9% to 110.22 million units.

CMI has slashed twice its capex for 2011 from NT$100 billion to NT$50-60 billion and may cut further the capex for the year, according to industry sources.

In addition to CMI, peer companies AU Optronics (AUO), Chunghwa Picture Tubes (CPT) and HannStar Display have also reported losses of NT$40.59 billion, NT$9.07 billion and NT$5.6 billion, respectively, for the first three quarters of the year.

Total losses of the four Taiwan LCD panel makers amounted to NT$99.91 billion in the January-September period, with the prospects that the negative trend will last into the second quarter of 2012, the sources estimated.