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Profit-taking drives shares down

Shares closed 0.53 percent lower yesterday as profit-taking reversed early gains, dealers said.

The TAIEX closed down 51.95 points at 9.757.93. Turnover was at NT$159.60 billion (US$4.93 billion).

Decliners led risers 1,444 to 615, with 243 stocks unchanged.

"A moderate pullback should not fundamentally change the likelihood that the market will try to breach 10,000 points before long," said Jih Sun Securities Investment (日盛投顧) deputy manager Wilson Lien (連偉勝).

Draft would require disclosures

The Financial Supervisory Commission yesterday approved the draft of a law amendment encouraging publicly traded companies to reveal the salaries of their board members, supervisors, president and vice president.

The move aims to reinforce company transparency while providing support for listed companies to impose a reasonable range for top management payments, commission Vice Chairman Susan Chang (張秀蓮) said.

The non-binding clause will be made mandatory "in the next stage," she said.

The new revision, once implemented, will also require the top 10 shareholders of listed companies to reveal if they share a spouse or family relationship to the second-degree with any other top 10 shareholders.

Listed companies will also need to make annual reports public 10 days before the shareholders' meetings so that shareholders can access all necessary information, the commission said.

Hon Hai earnings up

Hon Hai Precision Industry Co (鴻海精密), the nation's largest electronics component maker, yesterday posted a 30 percent increase in earnings to NT$51.13 billion (US$18.72 billion) for the first three quarters, compared with the same period last year.

The gross margin dropped to 5.6 percent from 5 percent, the company said. Revenues jumped 32.8 percent to NT$821.47 billion in the first nine months.

"The results were as expected and we continue to see regular seasonality," company spokesman Edmund Ding (丁祈安) said.

Asustek profit up 58 percent

Asustek Computer Inc (華碩電腦) said yesterday its nine-month net profit surged 58.7 percent from a year ago on the back of strong demand for laptop computers.

The company posted a NT$21.01 billion (US$648.46 million) net profit during the period, up from NT$13.24 billion of the previous year.

In the three months to last month, net profit rose 21 percent year-on-year to NT$7.44 billion.

The company forecast strong demand into the fourth quarter with revenue of NT$200 billion.

EVA posts profit

EVA Airways Corp (長榮航空), the nation's second-largest air carrier, posted an unexpected profit in the third quarter on an increase in air traffic in the Asia-Pacific region and gains in financial asset values.

Net income was NT$792 million (US$24 million), compared with a NT$1.47 billion loss a year earlier. Third-quarter sales fell 2.4 percent from a year earlier to NT$24.2 billion, according to monthly filings to the Taiwan Stock Exchange.

Eva Air's nine-month loss narrowed to NT$896 million from NT$2.32 billion a year earlier.

ASE Q3 profit up

Advanced Semiconductor Engineering Inc (日月光半導體), the world's biggest chip packager and tester, said third-quarter profit rose 1.1 percent.

Net income gained to NT$4.23 billion (US$130 million), or NT$0.79 per share, from NT$4.18 billion, or NT$0.78, a year earlier, the Kaohsiung-based company said in a statement yesterday. Sales advanced 4 percent to NT$27.7 billion, the statement said.


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