Wed, Mar 14, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

INSURANCE

Chunghwa Post facing ban

The Financial Supervisory Commission yesterday imposed a six-month ban on selling life insurance products against 46 branches of Chunghwa Post Co (中華郵政) based in Keelung after the regulator uncovered a serious infraction by a an employee. The commission found that the postal employee misappropriated NT$700 million (US$23.93 million) in insurance premiums that had been paid by more than 300 customers holding 887 policies. The the ban is expected to take effect next week, the commission said.

ELECTRONICS

Synnex’s net profit surges

Electronics distributor Synnex Technology International Corp (聯強國際) yesterday said its net profit surged 25 percent to NT$6.11 billion last year, compared with NT$4.88 billion in 2016. That translated into earnings per share of NT$3.67, up from NT$2.92 the previous year, a company statement said. Revenue climbed to a record-high NT$364.2 billion last year, up 6 percent from NT$342.7 billion in the previous year. The strongest growth came from the IC components segment with an annual growth rate of 12 percent. The company’s board of directors yesterday approved a cash dividend of NT$2.2 per common share.

TELECOMS

Dividend disappoints

Chunghwa Telecom Co (中華電信), the nation’s biggest telecom, yesterday said its board of directors has approved a cash dividend of NT$4.79 per common share, the lowest payout since 2014. That represented a payout ratio of 95.6 percent based on the company’s earnings per share of NT$5.01 last year. It also implied a dividend yield of 4.6 percent based on the stock’s closing price of NT$109 yesterday.

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