Tue, Dec 18, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer

BANKING

Yuan deposits decline

Yuan deposits held by local banks fell 2.17 percent to 301.792 billion yuan (US$43.75 billion) at the end of last month, the central bank said yesterday. That marked the second straight month of decline after deposits fell 2.23 percent to 308.48 billion yuan the previous month, as well as the lowest in four years, as the Chinese currency continued to weaken against the greenback amid concern over increasing US-China trade tensions. Yuan deposits at domestic banking units fell 1.93 percent to 267.521 billion yuan last month and those at offshore units fell 3.95 percent to 34.271 billion yuan, the central bank said.

STEELMAKERS

CSC’s profit slumps

China Steel Corp (CSC, 中鋼), Taiwan’s only integrated steelmaker, yesterday posted a pretax profit of NT$2.78 billion (US$90 million) for last month, down 3.88 percent from NT$2.89 billion a year earlier and 22.12 percent lower than the previous month’s NT$3.57 billion, due to falling prices and shipments. Consolidated sales were NT$34.53 billion, down 5.23 percent year-on-year, but up 16.89 percent month-on-month, the Kaohsiung-based company’s data showed. In the first 11 months of the year, pretax profit totaled NT$29.94 billion, up 49.7 percent from NT$20 billion in the same period last year, the company said.

CIRCUIT BOARDS

Flexium capex approved

Flexium Interconnect Inc (台郡), a Kaohsiung-based supplier of flexible printed circuit boards, yesterday said its board of directors had approved an NT$8 billion capital expenditure (capex) budget to meet a customer’s demand. Flexium said in a Taiwan Stock Exchange filing that the budget is to be used mainly to build new production capacity, adding that the company would adjust the budget subject to customer demand and the market situation. The company did not identify the customer in the filing, although it is one of the key suppliers for Apple Inc’s iPhones.

SEMICONDUCTORS

Win to end GDR program

Win Semiconductors Corp (穩懋), the world’s largest pure-play gallium arsenide foundry, yesterday said its board of directors had resolved to terminate the firm’s global depositary receipt (GDR) program to cut management costs. As of Saturday, the firm had no outstanding GDRs on the Luxembourg Stock Exchange, Win Semiconductors said in a regulatory filing. In the first three quarters of the year, the company reported cumulative sales of NT$13.1 billion and net income of NT$2.36 billion, or earnings per share of NT$5.59.

SHIPPERS

Wan Hai to buy containers

Container shipper Wan Hai Lines Ltd (萬海航運) yesterday said its board of auditors had agreed to purchase 32,000 twenty-foot-equivalent unit (TEU) dry containers to develop its business. The US$57.13 million deal is to be reviewed by the company’s board of directors. The announcement comes after the company last month announced that it was ordering 20 full-container vessels from Chinese and Japanese shipbuilders, reflecting the company’s positive outlook for the industry. On Nov. 12, Wan Hai said it would order 12 full-container vessels with 2,038 TEU from China Shipbuilding Trading Co (中國船舶工業貿易) and Guangzhou Wenchong Shipyard Co (廣州文沖船廠) for US$315.94 million, as well as another eight full-container vessels with 3,036 TEU from Japan Marine United Corp for ¥37.68 billion (US$332.7 million).

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top