Mon, Aug 01, 2016 - Page 16 News List

TTET Union sees record earnings per share in Q2

By Kuo Chia-erh  /  Staff reporter

TTET Union Corp (大統益), a leading cooking oil supplier, reported a record-high earnings per share (EPS) of NT$1.69 in the second quarter of this year, thanks to the rising prices of soy bean futures.

Tainan-based TTET, which was incorporated in 1982, owns the nation’s largest soy bean oil refinery plant and produces 1.36 million tonnes of soy bean-related products every year, including protein powder, soy bean powder used for animal feed, and cooking oils such as soybean and canola and palm.

In addition to the domestic market, it exports its products to Japan and Southeast Asia.

To attract more Muslim customers, the company obtained a halal food certification this year, officials said.

TTET reported a cumulative revenue of NT$8.17 billion (US$255.9 million) in the first half of this year, making it the main pillar of the nation’s largest food making group, Uni-President Enterprises Corp (統一企業).

Net profit during the same period increased 6.1 percent to NT$449 million from a year earlier, or an EPS of NT$2.78, company data showed.

It recorded NT$1.43 billion of sales in May, a 7 percent growth from a year earlier and ending four consecutive months of decline. That improvement was sustained the following month, when sales increased by 4.73 percent to NT$1.44 billion.

The company attributed the sales pickup to soaring soy bean prices, which have increased since April this year after falling below US$900 a bushel at the beginning of April and surging to US$1,162.75 per bushel in June.

TTET shares gained NT$0.7 to close at NT$79.1 on Friday, bucking the TAIEX’s 1.02 percent drop, Taiwan Stock Exchange data showed.

Last year, the company’s revenues amounted to NT$17.7 billion, down 18.7 percent from 2014, according to company statistics.

Net profit declined 7.6 percent annually to NT$912 million, or EPS of NT$5.7, company data showed.

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