Chimei Innolux (CMI) March, First Quarter 2011 Results

Chimei Innolux (CMI) announced March 2011 unaudited revenues of NT$46.6 billion, up 24.7% M/M. Large-area LCD unit shipments increased 19.8% M/M to 11.7 million; small/medium unit shipments were up 28.5% M/M to 37.7 million.

For the first quarter in 2011, revenues decreased 4.6% Q/Q to NT$124 billion. Large-area unit shipments also decreased 4.1% Q/Q to 33.6 million units. Small/medium unit shipments for the quarter also decreased, by 17.6% Q/Q, to 101 million. Unit shipments are meaningless unless average diagonal sizes are included and the most meaningful metric for a LCD manufacturer would be area shipments, which is used by LG Display.

It seems LCD shipments for CMI turned up in the last month of the first quarter, which is generally a weak quarter for many LCD suppliers. However with Hitachi Displays tapping CMI to manufacturer small IPS LCDs for smartphones, CMI will get a small boost in both small/medium unit shipments and revenues going forward.