Bourse sees market cap slide
The market capitalization of the Taiwan Stock Exchange stood at about NT$26 trillion (US$867 billion), down 1.96 percent, or NT$520.56 billion, from a week earlier, as the TAIEX fell 180.55 points, or 1.95 percent, in the whole of last week, according to statistics released by the stock exchange.
The TAIEX closed at 9,085.96 points on Friday, its lowest level since May 30, when the index stood at 9,075.91 points, the exchange’s data showed.
The heavy losses of the local bourse in the week came largely due to lingering concerns over the impact from the gas pipeline explosions in Greater Kaohsiung and worries over geopolitical tensions related to Ukraine and the Middle East, dealers said.
They added that the TAIEX has been moving closer to the nearest technical resistance of about 9,000 points and it is possible that the local bourse will stage a technical rebound soon.
Cathay posts record net income
Cathay Financial Holding Co (國泰金控), the nation’s largest financial service provider by assets, posted NT$38.33 billion in total net income from January through last month, or earnings per share of NT$3.03, the company said in a statement on Friday.
According to the company’s data, the results represent the highest level in the company’s history.
The company said that its Cathay Life Insurance Co (國泰人壽) subsidiary generated NT$25.63 billion in net profit during the first seven months of the year, attributed to dividend income and capital gains in equity investments, while Cathay United Bank (國泰世華銀行) generated NT$12.28 billion in net income in this period.
Lotus forecasts revenue surge
Lotus Pharmaceutical Co (美時化學製藥), which manufactures and distributes oral and injection medicines, said on Friday that its revenue next year is expected to double from US$100 million this year, after it acquires South Korea-based Dream Pharma Ltd, which makes weight-loss treatments.
After the acquisition, the company said its profit would rise by more than 100 percent next year compared with results posted this year.
Lotus aims to become the second pharmaceutical company — after Sandoz Inc, the generic pharmaceuticals division of Novartis AG — to have regional bases in multiple locations in Asia, including Taiwan, China, Japan, South Korea and India, it said.
The company is pursuing a merger with US-based Alvogen Inc, which makes generic drugs and biosimilars, to achieve that goal, it said.
Hotelier hits monthly sales high
Hotel operator Chateau International Development Co (夏都國際開發) on Friday posted NT$106.25 million in consolidated sales last month, marking the hospitality firm’s highest monthly level this year, it said.
The result also showed a 3.02 percent growth from a year earlier and a 44.71 percent growth from June, the company said in a statement.
Chateau International attributed the strong performance last month to a 94 percent average occupancy rate.
In addition, the average room rate last month surpassed NT$8,700, as major clients last month were independent visitors and families willing to pay higher-than-average costs for accommodations, it said.
In the first seven months of the year, consolidated sales totaled NT$416.44 million, up 4.66 percent from a year earlier, company data showed.
Delta Electronics sets record
Delta Electronics Inc (台達電), the nation’s top supplier of power supply units, on Thursday said revenue for last month reached the highest level in the company’s history.
It highlighted solid demand for high-margin passive components, electronic components, telecommunications power supplies and networking for fourth-generation, long-term evolution (4G-LTE) systems as drivers for the record revenue.
Consolidated revenue increased 7 percent month-on-month and 12 percent year-on-year to NT$16.57 billion.
Cumulative revenue in the first seven months of the year reached a total of NT$107.22 billion, up 10 percent from NT$97.04 billion recorded a year earlier.
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