Sat, Jul 11, 2009 - Page 11 News List

Business Briefs


Profit-taking limits gains

Shares closed up 0.32 percent yesterday as profit-taking was offset by buying in the electronics sector owing to better-than-expected sales last month, dealers said.

The TAIEX rose 21.68 points to 6,769.86 on turnover of NT$109.77 billion (US$3.33 billion).

Losers led gainers 1,299 to 900 with 173 stocks unchanged.

The market opened up 0.88 percent on extended buying from the previous session, but profit-taking emerged immediately after the index breached the 6,800-point mark, dealers said.

However, large-cap electronic stocks turned stronger to alleviate pressure as investors were pleased to see last month’s sales data, they said.

Gasoline, diesel prices drop

CPC Corp, Taiwan (CPC, 台灣中油) lowered gasoline and diesel prices by NT$1.2 and NT$1.3 respectively, effective today.

Rival Formosa Petrochemical Corp (台塑石化) announced the same cuts yesterday.

After the adjustment, CPC’s price for 1 liter of 98-octane unleaded gasoline will be NT$29.6. The price of 95-octane unleaded gasoline will be NT$28.1 and 92-octane unleaded gasoline will cost NT$27.4 per liter. Diesel will cost NT$24.8 per liter.

Cathay Financial posts profit

Cathay Financial Holding Co (國泰金控), the country’s biggest financial services company, posted an unaudited net profit of NT$5.6 billion, or NT$0.58 a share, for the six months ended June 30, it said in a stock exchange filing yesterday.

The company saw a net loss of NT$2.22 billion for the same period last year.

After subtracting first-quarter earnings from first-half unaudited results, Cathay Financial’s ­second-quarter net profit was NT$590 million, down 84 percent from a year earlier.

Separately, Fubon Financial Holding Co (富邦金控), the country’s ­second-­largest financial services company, posted an unaudited first-half net profit of NT$9.18 billion, or NT$1.14 a share, from a net profit of NT$7.01 billion a year earlier.

The second-quarter net profit rose 91 percent to NT$6.94 billion from a year earlier, according to figures derived by subtracting first-quarter profit from first-half results.

Chunghwa Telecom profits drop

Chunghwa Telecom Co (中華電信), the nation’s biggest telephone company, had a 7.8 percent decline in second-quarter profit as customers spent less on calls and the company invested to expand its network.

Net income fell to NT$11.54 billion, the company said in an e-mailed statement yesterday, compared with NT$12.51 billion a year ago. Revenue for the parent company dropped 3 percent during the period to NT$45.2 billion, missing the company’s own forecast for sales of NT$45.6 billion.

Asustek revenues rise

Asustek Computer Inc (華碩電腦) posted NT$45.68 billion in revenues in the second quarter, up 13.06 percent quarter-on-quarter and 1.73 percent year-on-year, the company said on Thursday.

The company’s sales last month rose 49 percent to NT$18.12 billion from May, a 34 percent increase from a year ago.

Pegatron Corp (和碩), a contract manufacturing unit of Asustek, saw its second-quarter revenue rise 15.45 percent to NT$92.59 billion from the first quarter.

The figure represents a decline of 54.39 percent from a year earlier.

NT dollar edges down

The New Taiwan dollar weakened slightly against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.080 to close at NT$33.050. Turnover was US$782 million.

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