For the full year of 2008, unaudited consolidated net revenue totaled NT$32.992bln, slightly down 0.7% over FY 2007. Gross margin dropped to 32.5% as compared to 34.3% in FY 2007. Operating margin declined to 3.8%, as compared to 6.9% in FY 2007. Net margin decreased to 3.6%, compared to the 10.0% from the previous year, due primarily to FX loss and no huge capital gains.
For the fourth quarter of 2008, D-Link posted net revenue of NT$7.364bln, down 14.6% over 3Q08, or down 17.1% compared to the year-ago figure, primarily due to tough situations in the global economy. Due to the FX factor, and product mix shifting, gross margin dropped to 29.5% in 4Q08 from 32.7% in 3Q08, compared to 32.6% in the year-ago quarter. Operating expenses of 31.2% of net revenue were above 26.5% from the previous quarter, or compared to 27.8% in 4Q07, a result of lack of economy scale for 4Q08's sales, additional spending on marketing funds, and accruals for credit expense/loss. Operating profit margin shrank to -1.7% from 6.2% in 3Q08, or 4.8% in 4Q07.