Wisdom Marine Group (慧洋海運集團), one of the nation’s major bulk shippers, said its profit fell by more than 30 percent year-on-year in the first seven months of the year, reflecting the continuous sluggish sentiment in the sector.
Pre-tax profit reached NT$915.3 million (US$30.81 million) from January through last month, down 31.05 percent from a year earlier, the company said in a statement.
Pre-tax earnings per share (EPS) were NT$2.32 in the first seven months, which were 37.5 percent lower than the NT$3.71 recorded for the same period last year. The company attributed the fall to an expanded capital base after bondholders started converting their holdings into common stock during the period.
Consolidated revenue totaled NT$4.74 billion in the first seven months, down 3.78 percent from a year ago, with sales for last month alone dropping 9.57 percent from a year earlier to NT$697.21 million, company data showed.
Wisdom Marine chairman James Lan (藍俊昇) said last month that while he expects business to pick up in the second half compared with the first half, full-year earnings are likely to decline because of persistently weak freight rates.
“The company will maintain its strategy of building vessels during the current low-cost period and seeking to sign long-term contracts with partners,” Lan said at an investors’ conference.
The company currently has a fleet of 91 ships, but it will add three new ships by the end of this year.
Meanwhile, U-Ming Marine Transport Corp (裕民航運) — a member of the Far Eastern Group (遠東集團) and also a leading bulk shipper in Taiwan — yesterday said its consolidated revenue in the first seven months stood at NT$3.88 billion, down 19.63 percent from a year earlier.
Dimerco Express Group (中菲行國際物流), which offers freight-forwarding and logistics services, also reported that consolidated sales reached NT$7.93 billion in the first seven months, a decline of 9.4 percent from a year earlier.
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the
SCATTERED: Production would be dispersed among a number of countries, which would bring an end to so-called world factories, Hon Hai chairman Young Liu said Decentralized production would be the new focus in manufacturing, Hon Hai Precision Industry Co (鴻海精密) chairman Young Liu (劉揚偉) yesterday told an online forum held by the Market Intelligence & Consulting Institute (MIC, 產業情報研究所). “The COVID-19 pandemic exerted a heavy impact on supply chains as well as production ... [production] would no longer be concentrated in solely one country, this is the end of what we used to call world factories,” Liu said during a panel discussion hosted by MIC director Victor Tsan (詹文男). As the US and China continue to dominate and sway international relations, the rest of the world is