Chailease Holding Co Ltd (中租控股), the nation’s top leasing services provider, yesterday said that it has established a subsidiary in Cambodia with a local partner as part of its plans to tap further into the ASEAN markets.
Chailease said that it has formed a subsidiary with The Royal Group of Cambodia, focusing on capital leases for plant equipment, construction machines and vehicles.
The Royal Group is Cambodia’s largest diversified conglomerate with businesses in industries including telecoms, property, banking and insurance.
The subsidiary, Chailease Royal Leasing PLC, has a capitalization of US$2 million, of which 60 percent was furnished by Chailease, with the remainder funded by the Royal Group, Chailease said, adding that the Cambodian central bank has approved the deal.
Cambodia has shown strong annual economic growth averaging about 7.5 percent per year in the past decade and the trend is expected to boost the local market’s demand for leasing services, Chailease chairman Albert Chen (陳鳳龍) said.
New business prospects would be helped by Chailease’s 40-year experience in leasing, as well as its local partner’s extensive distribution channels, Chen said.
Chailease said its net income last month grew 10.9 percent annually, but declined 3.78 percent from the previous month to NT$616 million, (US$19.3 million) with revenues gaining 6.8 percent annually and 0.6 percent sequentially to NT$3.12 billion.
Earnings per share last month were NT$0.56, unchanged from September, but better than NT$0.49 in the same period last year.
Aggregate net income in the first 10 months was NT$6.07 billion, up 6.37 percent year-on-year, with total sales during the period increasing 4.23 percent annually to NT$31.09 billion.
Chailease, whose main operations are in Taiwan, China and Thailand, said that a combination of effect cost control and increasing revenues led to an 8 percent rise in net income contribution from its home market.
Despite a dip in trade financing earnings, the company’s operations in China continued to register sequential growth last month, backed by improving interest income and asset quality, the company said.
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