Six state-run companies reported a total of NT$19.874 billion (US$611 million) in losses so far this year due to serious losses incurred by Taiwan Power Co (Taipower, 台電) and Chinese Petroleum Corp (CPC, 中油) resulting from higher international oil prices in the first half of the year, statistics released by the government yesterday showed.
Last month's pre-tax profits for the six state-run companies under the Ministry of Economic Affairs -- including Taipower, CPC, Taiwan Sugar Corp (Taisugar, 台糖), China Shipbuilding Corp (
As CPC did not raise petroleum prices in line with the surge in global oil prices, it suffered serious losses in the first half of the year, the tallies showed.
However, after July international oil prices began to slide and in September CPC implemented a floating price mechanism which allowed it to determine its gasoline prices in accordance with changes in international oil prices -- all of which were factors behind the company turning its earlier losses into profits in the last few months.
The statistics showed that CPC's pre-tax profits for last month amounted to NT$2.26 billion. For the first 11 months of the year, its losses were NT$22.31 billion.
Meanwhile, Taipower's losses last month amounted to NT$694 million, while its total losses for the first 11 months of this year reached NT$3.23 billion. Taisugar's pre-tax profits last month were NT$1.24 billion, while its losses for the first 11 months hit NT$3.63 billion.
1. Six state-run companies reported a total of NT$19.874 billion in losses for the first 11 months this year.
2. CPC's pre-tax profits for last month amounted to NT$2.26 billion. For the first 11 months of the year, its losses amounted to NT$22.31 billion.
Taiwan Water's pre-tax profits last month were NT$94 million, while its profits for the first 11 months reached NT$809 million. China Shipbuilding's pre-tax profits for last month totalled NT$126 million, while its profits for the first 11 months amounted to NT$1.1 billion. The AIDC registered profits amounting to NT$2 million for last month, while its profits for the first 11 months of the year totalled NT$142 million.
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