Fri, Apr 13, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer

LABOR

Average overtime pay up

Average overtime pay was NT$1,708 (US$58.37) in the first two months of the year, a 1.61 percent increase over the same period last year, the Directorate-General of Budget, Accounting and Statistics said yesterday. However, the average overtime pay was NT$1,652 in February, down 0.12 percent from a year earlier and 6.35 percent from January, the agency said. Average overtime work hours per month decreased 0.2 hours to 7.7 hours in January and February, compared with a year earlier, while the average overtime pay hit NT$222 per hour, the highest level for the same period, the agency said.

ELECTRONICS

Genus beats expectations

Genius Electronic Optical Co (玉晶光) on Wednesday reported stronger-than-expected revenue for last month. Consolidated revenue rose 42.75 percent month-on-month and 14.55 percent year-on-year to NT$594 million, Genius said in a filing with the Taiwan Stock Exchange. In the first quarter, overall revenue increased 19.91 percent annually to NT$1.78 billion. Genius, which supplies camera lenses for Apple Inc’s iPhones, saw a much larger quarterly increase in revenue compared with larger rival Largan Precision Co (大立光), which saw a 17.86 percent plunge in revenue, due to a much lower comparison basis last year, analysts said.

SEMICONDUCTORS

MediaTek upbeat on revenue

MediaTek Inc’s (聯發科) quarterly revenue in upcoming quarters is expected to rise sequentially, after sales for last month grew 58.2 percent from February amid the growing demand for semiconductor content in smartphones, cochief executive officer Rick Tsai (蔡力行) said on Wednesday. Tsai told a forum in Hsinchu that the semiconductor sector is expected to continue growing this year, driven by robust demand from segments such as smartphones, servers, automotive electronics and the Internet of Things.

ELECTRONICS

FSC approves GDR plan

Wistron Corp (緯創) has won approval from the Financial Supervisory Commission (FSC) to raise capital by issuing global depositary receipts (GDR). The board of the contract electronics maker last month announced the GDR issuance, tentatively priced at NT$28 per unit, to help the firm improve its capital structure and meet its needs for overseas purchases of materials. Wistron produces smartphones, tablets, notebooks, PCs, servers and LCD TVs for its clients. It plans to raise NT$7.28 billion in capital by the end of June.

FINANCIAL SERVICES

Mega Financial posts income

State-run Mega Financial Holding Co (兆豐金控) on Tuesday posted NT$2.86 billion in net income for last month, with Mega International Commercial Bank (兆豐銀行) generating 88.5 percent of the total. It released the earning results in a statement. Net profits totaled NT$7.66 billion for the first three months, translating into earnings per share of NT$0.56, the statement said.

STOCK MARKET

Two IPOs set for Monday

Cryomax Cooling System Corp (吉茂精密), which primarily makes copper radiators, and Caswell Inc (瑞祺電通), whose business involves the network communications and industrial computing fields, are scheduled to make their debut on the Taiwan Stock Exchange on Monday. The two firms are to be the ninth and 10th initial public offerings (IPOs) on the local market this year.

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