Taiwan Asset Management Co (TAMC, 台灣金聯資產管理), the nation’s largest bad loan operator, aims to grow its earnings by a double-digit percentage this year by tapping new income sources as toxic assets slump.
TAMC, funded by the government to help digest non-performing loans, plans to increase its profit by between 10 percent and 20 percent this year after posting revenue of about NT$1.19 billion (US$38.7 million) last year, or earnings per share of NT$0.9, based on capital of NT$1.32 billion, TAMC chairman Hwang Ding-fang (黃定方) said.
The company set a conservative earnings per share target of NT$0.8 for this year, but is striving to raise the figure to NT$1 through a diversified business strategy, Hwang said, adding that the company topped its budget target by 17 percent in the first quarter.
“We are confident of meeting our budget target this year,” Hwang said.
To increase income, TAMC today is to putting on the market a batch of properties nationwide, priced 10 percent less than market value.
It is the fifth year the company has employed the strategy — introducing 100 houses, offices or storefronts in different parts of Taiwan — to generate income and advance the government’s policy of providing fair-priced housing.
A storefront in Pingtung County is priced at NT$550,000 and a three-bedroom apartment in Kaohsiung at NT$1.66 million, company data showed.
An office property measuring 21.51 ping (71.11m2) in downtown Taipei is priced at NT$12.86 million, which is a bargain, assistant vice president Rock Lin (林智暉) said.
The company has lowered its prices by 5 percent in Taipei and by more elsewhere this year due to the sluggish property market, Lin said.
TAMC calculated its asking prices after consulting the government’s true value transaction Web site, Lin said.
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