Sat, Oct 27, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

ELECTRONICS

Yageo profit up 384 percent

Passive components maker Yageo Corp (國巨) yesterday posted net profit of NT$4.52 billion (US$145.78 million) for last month, up 384 percent from a year earlier, or earnings per share of NT$10.81. Revenue last month was up 242 percent annually to NT$10.25 billion, the company said in a filing with the Taiwan Stock Exchange. Yageo released the figures after the Taiwan Stock Exchange requested that it disclose its latest results, as its stock price has been volatile in recent sessions. The shares closed up 2.69 percent at NT$324 yesterday in Taipei trading. They declined 17.77 percent for the week.

ENERGY

Chunghwa denies bad debt

Chunghwa Telecom Co (中華電信) on Thursday said it did not see any “abnormal” increases in bad debt from its new solar panel installation business, dismissing reports that bad debt would soar. The company said it had as of the second quarter accumulated NT$768 million in bad debt. The remarks came after Chinese-language online news outlet Stone Media reported that the company might have to book another NT$3 billion in bad debt for the third quarter from a solar panel installation project in Changhua County for Taiwan Power Co (台電) due to a scandal linked to its contractor.

INVESTMENT

EPZA approves HomeMash

The Export Processing Zone Administration (EPZA) on Thursday said that it has approved an investment by the first Taiwanese enterprise that is to return from China. HomeMash Wood Co Ltd (峰美木業) is to invest about NT$722.14 million in the Chungkang Export Processing Zone in Taichung and create 170 jobs, the EPZA said. The firm, which manufactures a type of vinyl wood flooring known as FirmFit, is to bring advanced production and management processes to Taiwan, it said. EPZA Deputy Director-General Chao Chien-min (趙建民) said that many Taiwanese businesses have applied for approval to invest in Taiwan’s export processing zones, but there is little space left for new factories.

ECONOMY

Trade fears drive uncertainty

Manufacturing sentiment weakened last month as there was no sign that the US-China trade dispute would be resolved soon, the Taiwan Institute of Economic Research (台灣經濟研究院) said on Thursday. The composite index for the manufacturing sector fell 4.49 points from a month earlier to 93.76, the lowest level since February 2016, the institute said. Sentiment in the service sector also weakened due to volatility in equity markets amid concerns over global trade issues, it said. The composite index for the service sector fell 2.38 points from a month earlier to 95.62, the lowest since April, it added.

APPLIANCES

V3 Group IPO withdrawn

Singaporean entrepreneur and tycoon Ron Sim (沈財福) has “aborted” plans to list V3 Group Ltd in Hong Kong amid intense volatility and weakness in the global stock market. Sim, who created Asia’s largest maker of massage chairs, has shelved plans for an initial public offering (IPO) after letting the application lapse at the end of June, he said by telephone. The entrepreneur in 2016 took Osim International Ltd (傲勝國際) private in a S$326.7 million (US$236.1 million) buyout. V3 Group comprises the Osim business and other consumer product units.

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