Wed, Feb 20, 2013 - Page 14 News List

[ BUSINESS BRIEFS ]

Staff writer, with Agencies

TAIEX closes higher

The TAIEX closed higher yesterday amid concerns over a possible major pullback ahead of the 8,000-point mark, dealers said.

The high-tech sector, led by flat-panel maker AU Optronics Corp (AUO, 友達光電), helped sustain the gains on the broader market, while the financial sector suffered profit-taking pressure, retreating after showing gains early in the session, they said.

The weighted index closed up 17.35 points, or 0.22 percent, at 7,960.88, on turnover of NT$80.09 billion (US$2.71 billion).

Neo Solar posts loss

Local solar cell module maker Neo Solar Power Corp (新日光) yesterday posted a NT$1.42 billion fourth-quarter loss on falling prices. The company posted a loss of NT$571 million in the third quarter of last year and a total loss of NT$4.17 billion for the year.

Neo Solar said early this month that revenue rose 4.06 percent to NT$820 million last month, from December’s NT$788 million. That was an annual decline of 3.53 percent from NT$855 million.

Hotai revenue expands

Hotai Motor Co (和泰汽車), Taiwan’s largest automobile retailer and dealer for Japan’s Toyota Motor Corp, said consolidated revenue expanded 39.59 percenet to NT$17.38 billion last month, compared with NT$12.45 billion in the same period of last year, according to the company’s filing to the Taiwan Stock Exchange.

In December, Hotai’s non-consolidated revenue amounted to NT$4.82 billion.

Yulon Motor Co (裕隆汽車) posted NT$8.62 billion for last month’s revenue on a consolidated basis, down 1.41 percent annually.

Yulon Nissan Motor Co (裕隆日產), a subsidiary of Yulan Motor which assembles and sells Japan’s Nissan cars, posted a 20.43 percent annual decline in consolidated revenue of NT$3.5 billion for last month.

Car production value to rise

Production value for the local car industry for the first quarter of this year is expected to rise nearly 3 percent from the previous quarter as manufacturers intensify efforts to launch new models, a government report said yesterday.

A purchasing spree ahead of the Feb. 9 to Feb. 17 Lunar New Year holiday prompted buying, the report said.

The local auto sector’s output is expected to total NT$47.55 billion in the first quarter, up 2.9 percent from the fourth quarter of last year, according to the report released by Industry and Technology Intelligence Services (ITIS), a research institute of the Ministry of Economic Affairs.

For the whole of this year, the production value of the local car industry is expected to hit NT$187.24 billion, up 1.7 percent from last year, ITIS said.

In the first quarter, production value of the domestic electric car business is expected to total NT$2.94 billion, up 37.6 percent from the previous quarter.

NT dollar strengthens again

The New Taiwan dollar strengthened for a second day after overseas investors boosted holdings of the nation’s shares on optimism that economic growth is gaining momentum.

The New Taiwan dollar advanced 0.1 percent to NT$29.686 against its US counterpart, according to prices Taipei Forex Inc.

The central bank has sold the local currency near the close on most days in the past 10 months, according to traders who asked not to be identified.

“The economy is improving after a pretty bad year in 2012,” said Tarsicio Tong (湯健揚), a Taipei-based foreign-exchange trader at Union Bank of Taiwan (聯邦銀行). “The outlook for the local dollar is dependent on how much lower the yen will go.”

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