Wei Chuan Foods Corp (味全食品) yesterday posted record earnings per share of NT$2.21 for the first quarter on the back of asset sales.
Without the massive asset disposal gains, earnings were flat from a year earlier at NT$0.23 per share, but improved from losses of NT$0.07 per share in the previous quarter.
Wei Chuan said that selling Pushin Ranch (埔心牧場) to SET Cinema Co Ltd (三立影城) contributed NT$1.976 to its earnings per share last quarter.
The Taoyuan-based ranch, established in 1957, had helped cultivate the local dairy industry and train about 2,000 dairy farmers, the company said in a press release.
Wei Chuan sold the ranch for NT$2.66 billion (US$85.45 million), with a disposal gain of about NT$1 billion.
The Chinese-language Business Weekly reported that SET plans to launch a movie and media park at the ranch.
The sale is part of the Wei Chuan’s efforts to improve its financial structure by disposing of idle assets. It sold unused assets in New Taipei City’s Sanchong District (三重) in July last year.
Net income for last quarter skyrocketed to NT$1.12 billion from NT$116.97 million a year earlier, with non-operating income rising from NT$53.51 million to NT$1.3 billion.
Gross margin gained 1.53 percentage points to 29.73 percent, the company said.
Cumulative revenue in the first four months increased 15.48 percent year-on-year to NT$5.4 billion.
Wei Chuan shares yesterday closed up 1.96 percent at a four-year high of NT$28.55 in Taipei trading.
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