Far Eastern New Century Corp (FENC, 遠東新世紀), Taiwan’s biggest maker of polyethylene terephthalate (PET) resins, yesterday said it expected to double revenues of its petrochemical and polyester businesses to more than NT$100 billion (US$3 billion) within the next five years by revving up operation scales, getting involved in green technology and expanding across the Taiwan Strait.
FENC chairman Douglas Hsu (許旭東) told a shareholders’ meeting yesterday that FENC — which changed its name from Far Eastern Textile Co (遠東紡織) on Oct. 13 last year — was poised to expand production facilities in Taiwan and China to cope with future business expansion.
The production capacity of its petrochemical, polyester and apparel businesses would be upgraded over the next five years, the company’s English statement said.
In particular, the construction of a new pure terephthalic acid line and a new polyester plant are in the pipeline. Both will use the most advanced technology and boast huge production capacity when completed, it said.
FENC is also set to channel more research and development capital into the innovation of applications for green materials, including recycled, bio-based and bio-degradable substances.
The company will intensify sales efforts in China by promoting high value-added products, such as fibers or fabrics for industrial purposes, PET packaging materials and high-end sports apparel, in the hopes of boosting overall market share across China.
In addition to its core business, FENC is set to see its bottom line boosted by affiliates.
The company’s Taipei Far Eastern Telecom Park (台北遠東通訊園區) — which spans 251,239m² in Banciao (板橋), Taipei County — is set to “harvest from developing efforts made in the past few years,” Hsu said.
FENC’s other residential project in Banciao, named “California Dream,” was offered on the market in the fourth quarter last year and has generated satisfactory pre-sales results, the statement said.
The average selling price has climbed more than NT$400,000 per ping (3.3m²), marking the highest unit price in the neighborhood area, it said.
“We estimate that part of the gain from pre-sales of this project, roughly NT$1.2 billion, would be booked in the first half of the year, while the remainder would be booked in the second half,” Hsu said.
Meanwhile, the construction of FENC’s first commercial office building, called TPKA-1, has been completed, with tenants scheduled to move in starting this month or next month.
FENC saw its net income rise by 76 percent from 2008 to NT$8.1 billion last year. For the first quarter, it posted year-on-year growth of 32 percent to NT$2 billion in earnings, or NT$0.43 per share.
The company’s shares edged down 0.6 percent to close at NT$35 on the Taiwan Stock Exchange yesterday.
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