AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced that due to strong financial results for the first nine months of 2003, the Company now expects to post 2003 net income that exceeds by more than 20% over the 2003 financial forecast filed in August 2003 in accordance with local regulatory requirements. Therefore, the 2003 financial forecast AUO filed in August 2003 is no longer deemed adequate.
AUO held a meeting of the Board of Directors and Supervisors, at which the Board approved its unaudited financial results for the nine months ended September 30, 2003. With industry outlook remains healthy for the fourth quarter of 2003 and better than expected 3Q'03 results, AUO is likely to post net profit in 2003 that would exceed by more than 20% over the forecast filed in August 2003. In compliance with ROC government regulations, AUO is raising its financial forecast for fiscal year 2003 accordingly.
Based on the updated forecast, which is under auditors' review, AUO's consolidated and unconsolidated net sales for the year are estimated to be approximately NT$102,800 million and NT$94,100 million, respectively, while updated income before tax and net income are both estimated to be around NT$14,100 million. The updated financial forecast for 2003 is being reviewed by the Company's auditors, and will be formally announced within 10 days.