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Arcadyan sees EPS more than double in 2016

Networking/communication device maker Arcadyan Technology has reported net profits of NT$1.357 billion (US$44.127 million) for 2016, increasing 136.4% from a year earlier. The earnings translated into an EPS of NT$7.19 for 2016, more than double from NT$3.06 of the previous year.

Although the company's revenues were down 5.1% on year to NT$1.801 billion in January, most analysts believe Arcadyan will continue to enjoy sales growth in the first quarter of 2017 thanks to a backlog of STB orders.

The company posted revenues of NT$23.91 billion in 2016, increasing 19.7% from a year earlier.

To sustain continued growth, the company has created a new chief strategy officer (CSO) position and named its incumbent president Lee Hong-yuh to serve as the first CSO. Meanwhile, marketing vice president Edward Tseng was promoted to serve as new president.

The company's stock price rose NT$0.80 to close at NT$63.80 on the Taiwan Stock Exchange (TSE) during the February 24 session.