Cathay Financial Holding Co (
China Credit Information Service Ltd (CCIS,
"Also, their combined after-tax profits broke through the NT$1 trillion level for the first time to total NT$1.047 trillion in 2006 even though half of the conglomerates saw a decline in profit growth," Liu told a press briefing.
Of the top 10 companies ranked by asset value, nine were financial service providers, led by Cathay Financial's NT$3.45 trillion. Second was Taiwan Cooperative Bank (合作金庫銀行) with NT$2.38 trillion in assets, followed by Taishin Financial Holding Co's (台新金控) NT$2.33 trillion, Mega Financial Holding Co's (兆豐金控) NT$2.24 trillion and Chinatrust Financial Holding Co's (中信金控) NT$2.18 trillion.
The largest by asset value from outside the financial sector was Formosa Plastics, which ranked sixth, with NT$2.13 trillion in assets. Its annual sales revenues of NT$1.61 trillion, however, ranked No. 1 in that category.
Formosa Plastics also had the highest net worth, at NT$1.28 trillion, and the biggest annual after-tax profit of NT$161 billion last year.
In the ranking of companies that had the highest net profitability, China Development was top with a 71 percent profit ratio, followed by memory chipmaker Mosel Vitelic Inc's (茂矽) 63 percent and mobile handset component maker Largan Precision Co's (大立光電) 53 percent.
In the high-tech sector, Hon Hai Precision Industrial Co (
"Although it suffered great losses [from the merger], BenQ did pretty well because of its subsidiary AU Optronics Corp's (友達光電) speedy expansion," Liu said.
Hon Hai outperformed Quanta Computer Inc (廣達電腦) last year and topped the list for revenues gained in China, at NT$517 billion, after China-bound investment by Taiwanese firms saw record growth in capital injection and net profits last year amid a slight decline in the growth of assets, revenues and newly opened subsidiaries compared with previous years.
"China is a must-go market for Taiwanese businesses, in particular for local retailers looking to boost growth," Liu said.
NOT ALL GOOD: Analysts warned that other data for last month might be less rosy due to the virus and analysts expect the PMI to contract again next month Chinese factory activity saw surprise growth last month as businesses went back to work following a lengthy shutdown, but analysts said that the economy faces a challenging recovery as external demand has been devastated by the COVID-19 pandemic, while the World Bank said that growth could screech to a halt. China is slowly returning to life after months of tough restrictions aimed at containing the virus, which put millions of people into virtual house arrest and brought economic activity to a near standstill. The strict measures saw a closely watched gauge of manufacturing plunge to its lowest level on record in February,
The output of the global smartphone industry this year is to contract by 7.8 percent on an annual basis as the COVID-19 pandemic ushers in a global recession, Taipei-based market researcher TrendForce Corp (集邦科技) said in a report on Monday. The global production of smartphones is expected to fall to 1.29 billion units, as the pandemic dampens demand for consumer electronics, leading to a decline in shipments across Europe and North America, TrendForce said. With consumers delaying smartphone purchases and thereby lengthening the device replacement cycle, overall prices would suffer a setback that is expected to negatively affect the profitability of smartphone
ELECTRONICS Lite-On delays sale of unit Lite-On Technology Corp (光寶科技) yesterday said it would postpone the sale of its solid-state drives (SSD) business to Kioxia Holdings Corp, formerly known as Toshiba Memory Holdings Corp, due to disruptions amid the COVID-19 pandemic. Last year, the Taiwan-based electronics components supplier struck the deal with the Japanese firm, agreeing to sell the unit for US$165 million. Citing unfinished integration work due to the pandemic, Lite-On has deferred today’s closing date until further notice, adding that the delay would not have a negative effect on the unit’s operations. AUTO PARTS Hiroca approves dividend Automotive interior parts supplier Hiroca
ALL ABOUT STRATEGY: The company is optimistic, saying that its gross margin should increase year-on-year, but it is scaling back on its plans to expand capacity Quang Viet Enterprise Co (QVE, 廣越), which makes down jackets and garments for sportswear and outdoor brands including Adidas AG, yesterday said that revenue might drop 5 to 10 percent annually this year as some customers trimmed orders in response to the COVID-19 pandemic. That would mark its first revenue decline since 2016. Quang Viet posted record-high revenue of NT$16.26 billion (US$537.45 million) last year, up 22 percent from 2018. Down jackets made up 40 percent of it revenue last year. North Face Inc and Patagonia Inc are this year likely to reduce orders by 20 to 30 percent from a