Momo.com net income rises
TV and online retailer Momo.com Inc (富邦媒體) yesterday reported that net income in the past year rose 19.24 percent annually to NT$1.45 billion (US$47.06 million), while revenue grew 26.4 percent to NT$42.02 billion. Earnings per share were NT$10.35, up from NT$9.07 a year earlier and the highest level in the past three years, the company said. During this quarter’s year-end shopping rush, net income totaled NT$410 million, or earnings per share of NT$2.92, while revenue rose 24.7 percent to NT$12.39 billion, it said. Momo.com said that its online shopping business grew 33.3 percent, with users increasing the frequency of purchases by about 24 percent and the size of transactions gaining 8.4 percent.
Largan buys 3,500 ping plot
Largan Precision Co (大立光), a camera lens supplier for Apple Inc’s iPhones, yesterday said that it has obtained 3,500 ping (11,570.25m2) of land and facilities in Taichung for NT$983.37 million after a long search. Largan said in a filing with the Taiwan Stock Exchange that it plans to use the new property to expand capacity. It was the second deal secured by the Taichung-based company after it spent NT$1.8 billion on a 7,300 ping plot of land in the central city on Jan. 18. The company said that it would continue to scout for new land in neighboring areas to cope with further capacity expansion over the next two years.
Coretronic profit rises 15.4%
Coretronic Corp (中光電), a manufacturer of LCD backlight modules, yesterday said that net profit last year rose 15.4 percent year-on-year from NT$1.75 billion to NT$2.02 billion, the highest level in four years, thanks to growth in the 4K TV display segment. Earnings per share rose to NT$4.65, compared with NT$4.03 in 2017, the firm said. Gross margin last year improved from 17.1 percent in 2017 to 18.6 percent, while revenue rose 4.8 percent year-on-year from NT$53.11 billion to NT$55.67 billion, it said. The company said that it expects backlight module shipments to drop 10 percent this quarter from 11.71 million units last quarter due to seasonal weakness and fewer working days during the Lunar New Year holiday, which starts on Saturday.
TAITRA launches platform
The Taiwan External Trade Development Council (TAITRA, 外貿協會) yesterday launched the Southern Star Club, an online platform that has attracted more than 1,400 local businesses seeking to tap into the markets targeted by the government’s New Southbound Policy. The platform provides members access to TAITRA’s resources and office staff for assistance, the council said. It also helps users harness the power of crowd-sourcing, identify their needs and conduct business among each other, it said, adding that the platform is part of digitization efforts and is aimed at filling gaps between trade shows.
TAIEX slides after US drops
The TAIEX yesterday closed down 0.82 percent to 9,931.59 points, dragged down by large-cap shares after stocks in the US took a beating overnight. Turnover totaled NT$88 billion. In the bellwether electronics sector, Largan Precision Co rose 1.61 percent to end at NT$3,780, while iPhone assembler Hon Hai Precision Industry Co (鴻海精密) dropped 1.27 percent to close at NT$69.90. Taiwan Semiconductor Manufacturing Co (台積電), the most heavily weighted stock on the local market, shed 2.84 percent to end at NT$222.50.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion