Crown & Fancy sells stake
Crown & Fancy Coffee House (金鑛咖啡) yesterday said it had sold another 40 percent stake to major shareholder Star Travel Corp (燦星旅遊), increasing Star Travel’s holdings to 80 percent. The coffee chain, which started out as a street vendor in Kaohsiung in 2000, said it had reached the share sale agreement with Star Travel’s parent company, Tsann Kuen Group (燦坤實業), on Wednesday. The company said it hopes the alliance with the nation’s largest home appliance and consumer electronics chain will help speed up its coffee franchise development in Taiwan and abroad. Crown & Fancy said it plans to increase its number of stores from 27 to 51 by the end of this year. Star Travel chairman Ray Yang (楊文芳) is to serve as the new chairman of Crown & Fancy, replacing Cheng Li-chien (鄭立鍵).
Accton posts record revenue
Accton Technology Corp (智邦科技), a local maker of computer network equipment such as routers, yesterday reported its revenue last month hit an all-time high. Consolidated revenue grew 10.86 percent year-on-year and 8.98 percent month-on-month to NT$2.76 billion (US$82.39 million) last month, the company said in a statement. By product, network switches accounted for 67.28 percent of the company’s sales last month, carrier access solutions made up 16.7 percent, wireless local area network products 7.28 percent, broadband and gateway devices 2.3 percent and other devices 6.44 percent. The strong performance last month helped boost the company’s cumulative revenue for the whole of last year by 8.28 percent to NT$24.74 billion, the company said.
Lion Travel sees sales rise
Lion Travel Service Co Ltd (雄獅旅行社), the nation’s largest outbound travel service company, yesterday said that sales for last quarter rose 12.84 percent from a year earlier to NT$4.71 billion, although the figure was 23.19 percent lower than the previous quarter due to seasonal factors. For the whole of last year, the company said it managed to generate record revenue of NT$21.01 billion, up by 18.74 percent year-on-year.
Highwealth sales skyrocket
Highwealth Construction Co (興富發), which last year focused on first-time and salaried home buyers, yesterday said consolidated sales surged last month because of contributions from new property projects in Taipei, Tainan and Kaohsiung. Sales reached NT$13.59 billion last month, up 160.21 percent year-on-year and 176.56 percent month-on-month, according to the company’s filing with the Taiwan Stock Exchange. However, total sales for all of last year decreased 7.55 percent to NT$34.68 billion from 2014, as the industry was affected by a cooling housing market in Taiwan.
Gamania posts record sales
Online game publisher Gamania Digital Entertainment Co (遊戲橘子) yesterday reported its highest-ever annual sales, with last year’s figure totaling NT$9.71 billion, a 6.7 percent increase from 2014. Gamania, the local distributor of NCSoft Corp’s Lineage series of online fantasy games, attributed the increases to the launches of several mobile and PC games, as well as contributions from its e-commerce subsidiary, Jollywiz Digital Technology Co Ltd (樂利數位), and on-demand content streaming subsidiary, Coture (酷瞧). Meanwhile, online game publisher X-Legend Entertainment Co (傳奇網路) yesterday reported annual sales of NT$1.24 billion for last year, a decrease of 15.92 percent from the previous year.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to