Sun Yad Construction Co Ltd (上曜開發) expects revenue to increase rapidly in the second half of this year, as the company might start to recognize income from a luxury housing project in July, chairman Chang Yu-ming (張祐銘) said on Thursday last week.
The Tainan-based company plans to file for an occupancy permit for the city’s first upscale residential building in May and transfer ownership to buyers in July, Chang said.
“The project, with 24 floors above ground and 88 units, is more than 90 percent sold, beating all market expectations in Tainan, where buyers prefer townhouses and dislike management fees,” Chang told an investors’ conference in Taipei.
The NT$3 billion (US$98 million) project could raise the company’s earnings significantly this year, Chang said, without providing further details.
Sun Yad has not yet released its financial results for the final quarter of last year. In the first three quarters, it reported a net loss of NT$0.62 per share, following a net loss of NT$0.88 per share for all of 2015, Taiwan Stock Exchange statistics showed.
Revenue last year dropped 29.45 percent annually to NT$596.98 million and the decline has continued this year, falling 20.51 percent year-on-year to NT$88.43 billion in the first two months, the statistics showed.
The company has in recent years shifted its focus from manufacturing and selling polyurethane resin to residential property development.
Last year, it changed its name from Sun Yad Technology Co Ltd and initiated a program to reduce its capitalization by 32.4 percent to offset losses.
The company is confident the real-estate market is to recover this year, Chang said, adding that Sun Yad has three other residential projects under construction in Tainan.
In the next five years, the company aims to launch new home projects at a pace of 50,000 ping (165,289m2) per year, he said.
Sun Yad is also looking for plots of land in New Taipei City for future projects, he added.
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has appointed Rose Castanares, executive vice president of TSMC Arizona, as president of the subsidiary, which is responsible for carrying out massive investments by the Taiwanese tech giant in the US state, the company said in a statement yesterday. Castanares will succeed Brian Harrison as president of the Arizona subsidiary on Oct. 1 after the incumbent president steps down from the position with a transfer to the Arizona CEO office to serve as an advisor to TSMC Arizona’s chairman, the statement said. According to TSMC, Harrison is scheduled to retire on Dec. 31. Castanares joined TSMC in
EUROPE ON HOLD: Among a flurry of announcements, Intel said it would postpone new factories in Germany and Poland, but remains committed to its US expansion Intel Corp chief executive officer Pat Gelsinger has landed Amazon.com Inc’s Amazon Web Services (AWS) as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker. Intel and AWS are to coinvest in a custom semiconductor for artificial intelligence computing — what is known as a fabric chip — in a “multiyear, multibillion-dollar framework,” Intel said in a statement on Monday. The work would rely on Intel’s 18A process, an advanced chipmaking technology. Intel shares rose more than 8 percent in late trading after the