Mon, Nov 13, 2017 - Page 16 News List

Taiwan Cement to spend NT$980m on ‘green’ plans

By Kuo Chia-erh  /  Staff reporter

Taiwan Cement Corp’s (TCC, 台灣水泥) board on Friday approved a plan to spend NT$980 million (US$32.48 million) on developing photovoltaic systems and onshore wind farms in Taiwan.

The “green” energy project at the Changhua Coastal Industrial Park (彰濱工業區) is expected to generate 20 megawatts of electricity, the nation’s largest cement maker said in a filing with the Taiwan Stock Exchange.

The project is scheduled to begin operations in the second quarter of next year, it said.

Taiwan Cement’s latest investment is in line with its strategy to shift its domestic market focus from cement to “green” energy. The company also operates a thermal power plant through its Hualien-based subsidiary Ho-Ping Power Co (和平電廠).

In July, Taiwan Cement chairman Nelson Chang (張安平) said the company planned to transform its unused facilities at the Changhua industrial park into a large-scale “green” energy project, rather than putting them up for sale.

Taiwan Cement manufactures cement and ready-mixed concrete in Taiwan and has a significant presence in China. The company also enjoys steady earnings from an investment in Ho-Ping Power.

However, the company reported lackluster earnings last quarter due mainly to higher coal costs, a temporary production suspension at a plant in China’s Guangdong Province and a lower earnings contribution from Ho-Ping Power. In July, one of Ho-Ping Power’s transmission towers was damaged because of Typhoon Nesat.

In the July-to-September quarter, net income decreased 15.27 percent year-on-year to NT$1.97 billion, with earnings per share shrinking to NT$0.53 from NT$0.63, although consolidated revenue expanded 3.17 percent annually to NT$23.06 billion, the financial statement released by Taiwan Cement on Friday showed.

In the first three quarters of the year, cumulative net income totaled NT$4.95 billion, up 8.86 percent from the corresponding period last year, with earnings per share of NT$1.34. Over the same period, cumulative revenue reached NT$68.95 billion, up 9.42 percent year-on-year, company data showed.

Shares in Taiwan Cement on Friday rose 0.15 percent to NT$33.55 in Taipei trading. Since the beginning of the year, the stock has declined 4.55 percent, while the broader market increased 15.98 percent over the period, exchange data showed.

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