Fri, Nov 02, 2012 - Page 14 News List

State enterprises post NT$111.6bn in combined losses

Staff writer, with CNA

A total of six state-run enterprises posted combined losses of NT$111.6 billion (US$3.81 billion) for the first nine months of the year, the Ministry of Audit of the Control Yuan reported yesterday.

Taipei Power Co (Taipower, 台電) led the pack with a loss of NT$57.6 billion, 6.83 percent higher than the NT$53.9 billion it had forecast. The company attributed the increasing losses to higher-than-expected fuel prices and rising labor costs.

In September, Taipower estimated losses this year would reach NT$80 billion and accumulated losses would total more than NT$200 billion.

Among the others, CPC Corp, Taiwan (台灣中油) reported a loss of NT$46.4 billion in the first three quarters of the year after predicting a profit of NT$9.8 billion, the ministry said.

The company said the losses resulted from a government decision earlier this year to limit the increase of fuel prices to half of that proposed, and the provisions it had to make to cover its inventory losses.

The ministry said it has asked CPC to find ways to increase revenues while reducing its outlay.

Taiwan Railways Administration registered a loss of NT$7.4 billion, 13.21 percent higher than its projected NT$6.5 billion.

The other enterprises are BankTaiwan Life Insurance Co (台銀人壽), Keelung Harbor Bureau and Hualien Harbor Bureau. BankTaiwan Life is a life insurance subsidiary of Taiwan Financial Holding Co (台灣金控).

The ministry said 20 state-run enterprises, including the central bank, recorded a combined profit of NT$195.5 billion for the same period.

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