Tue, Aug 02, 2016 - Page 11 News List

Taiwan Buisness Quick Take

Staff writer, with Agencies

UTILITIES

Hwang not forced to resign

Minister of Economic Affairs Lee Chih-kung (李世光) yesterday dismissed speculation surrounding the replacement of former Taiwan Power Co (Taipower, 台電) chairman Hwang Jung-chiou (黃重球), saying that Hwang resigned of his own free will because of personal health issues. Hwang decided to leave as his workload was too heavy, Lee told reporters on the sidelines of a ministry media event in Taipei. Lee said given Hwang’s expertise and decades of experience in government, the ministry plans to invite him to serve in a position that has a less heavy workload. The ministry unexpectedly announced Hwang’s resignation on Friday and said Taipower president Chu Wen-chen (朱文成) would takeover Hwang’s position.

SHIPBUILDING

CSBC to pursue military subs

CSBC Corp, Taiwan (台灣國際造船), the nation’s only listed shipbuilder, yesterday expanded a development center in a bid to pursue military contracts as the government moves forward with plans to build an indigenous submarine fleet. The company said it has assigned 23 technicians and engineers to collaborate with international experts and to coordinate resources with manufacturing partners and suppliers. CSBC’s Submarine Development Center is the culmination of the company’s efforts toward building an indigenous submarine fleet that began in 2001. The company reported that sales in the first half of the year dipped 16 percent to NT$91 billion (US$2.88 billion).

COMPUTING

Advantech report net rise

PC maker Advantech Co (研華科技) yesterday reported net income of NT$2.78 billion for the first half of this year, increasing 9 percent from NT$2.58 billion made in the same period last year. Earnings per share were NT$4.39 in the first six months of this year, compared with last year’s NT$4.07 per share, according to the company’s filing with the Taiwan Stock Exchange. Gross margin was 40.6 percent in the first half of this year, improving by 0.1 percentage points from last year.

STEEL

China Steel profits rise

China Steel Corp (中鋼), the nation’s leading steelmaker, yesterday reported a pre-tax net profit of NT$2.76 billion for last month, an increase of 1.9 percent from the previous month. Last month’s revenue was NT$24.97 billion, up 2 percent on a monthly basis, the company said in a filing with the stock exchange. That brought its combined pre-tax income in the first half of this year to NT$7.85 billion, or NT$0.5 per share, the filing said. However, compared with the same period last year, the net profit decreased 26 percent in the first six months this year, the filing said.

MANUFACTURING

Repon makes market debut

Repon Industrial Corp (南俊國際), a ball bearing drawer slides manufacturer for international furniture brands, yesterday made its market debut on the Emerging Stock Market, with a closing share price of NT$120. Based in New Taipei City, the furniture parts maker made a net profit of NT$234 million last year, with revenue reaching NT$1.84 billion, company data showed. In the first half this year, the company reported a net profit of NT$111 million, or NT$2.14 per share. Revenue in the same period last year came to NT$917 million. The company estimates its revenue this year to be about NT$2.4 billion and net profit to be about NT$320 million.

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