Tong Yang Industry Co (東陽實業), which supplies automotive parts to global brands, on Friday said that its board has proposed a cash dividend of NT$2.12 per common share, compared with NT$1.4 last year.
The higher dividend reflects a record net profit posted for last year, Tong Yang said.
With earnings per share last year rising to NT$4.08 from NT$2.87 in 2015, the proposed dividend would translate into a 52 percent payout ratio.
With Tong Yang stock closing at NT$57.1 in Taipei trading on Friday, the proposed payout represents a dividend yield of 3.7 percent.
MEETING
The company is to hold its annual shareholders’ meeting on June 20 in Tainan, where shareholders are to vote on the proposal and elect new supervisors and directors.
Despite last year’s performance, the company saw its aggregate pre-tax income in the first two months of this year fall 34 percent to NT$345 million (US$11.3 million), or earnings per share of NT$0.55.
The company attributed the decline to a NT$98.96 million foreign-exchange loss last month, amid the appreciation of the New Taiwan dollar against the greenback.
HOTA POSTS RECORD
Hota Industrial Manufacturing Co (和大工業) also posted a record net profit for last year.
Hota, which makes gears and shafts for automobiles, saw its net profit increase 3.4 percent to NT$1.12 billion, with sales increasing 9.12 percent to NT$5.3 billion, the company said on Thursday in a filing to the Taiwan Stock Exchange.
Earnings per share last year rose from NT$4.62 to NT$4.78, the company said.
Hota said its board has proposed to distribute a cash dividend of NT$3.5 per share this year, which represents a payout ratio of 73 percent.
The company’s dividend plan indicated a yield of 2.7 percent based on its stock price of NT$129.5 on Friday.
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