Tue, Jul 30, 2019 - Page 11 News List

Taiwan Business Quick Take

Staff writer

APPAREL

Roo Hsing probe hits shares

Shares of denim jeans maker Roo Hsing Co Ltd (如興) yesterday fell by the daily maximum to NT$13.25 after investigators searched the company’s offices on Friday last week over its US$388 million acquisition of Chinese apparel maker JD United Holdings Co (玖地集團) in 2017. Roo Hsing chairman Chen Shih-hsiu (陳仕修) was questioned by prosecutors on Friday over NT$1.4 billion (US$45.01 million) the firm accepted from the National Development Fund to make the acquisition, when allegedly JD United is taking control of Roo Hsing, which would be a breach of the Securities and Exchange Act (證交法). Chen was released on NT$5 million bail on Saturday. Roo Hsing said that the investigation would not affect its business.

CHIPMAKERS

ASE unit wins award

Advanced Semiconductor Engineering Inc (日月光半導體), a unit of ASE Technology Holding Co (日月光投資控股), yesterday said that US chip designer Analog Devices Inc (ADI) named it one of its top suppliers. The chip packaging and testing service provider said it received a top award at ADI’s inaugural suppliers’ day on Friday last week. ADI named Advanced Semiconductor Engineering its top contract manufacturer in the back-end category, joining 18 other award winners. Taiwan Semiconductor Manufacturing Co (台積電) was named its top contract manufacturer in the front-end category, ADI said.

STEEL

CSC income falls 41%

China Steel Corp (CSC, 中鋼) yesterday reported that its operating income dropped by 41 percent to NT$1.06 billion last month on a monthly basis, while net profit declined 14 percent to NT$1.47 billion. China Steel sold 805.204 tonnes of carbon steel last month, with domestic sales contributing 68 percent. Revenue fell 9 percent to NT$29.35 billion, it said. In the first six months, operating income and net profit declined 29 percent and 24 percent respectively to NT$10.56 billion and NT$10.53 billion. Cumulative revenue in the period was NT$191.11 billion, down 1 percent from NT$193.71 billion a year earlier, it said.

REAL ESTATE

Sinyi Q2 profit surges

Sinyi Realty Inc (信義房屋), the nation’s only publicly listed real-estate broker, yesterday said its second-quarter net profit reached NT$405.97 million, or earnings per share (EPS) of NT$0.55. Net profit in the same period last year was NT$255.91 million, or EPS of NT$0.37, company data showed. Sinyi’s revenue rose 46.75 percent from a year earlier to NT$3.32 billion. The company’s net profit in the first half of the year was NT$827.46 million, an annual increase of 77.55 percent, or EPS of NT$1.12, the company said.

ELECTRIC VEHICLES

Mobiletron announces sales

Mobiletron Electronics Co (車王電子), which manufactures battery management systems for vehicles, yesterday said it sold 11 electric buses to South Taiwan Bus Co (南台灣客運) in the first half of the year and would deliver three more this year. The company sold 12 units last year. A company official told the Taipei Times that Mobiletron is confident it would win contracts for government-run electric bus projects this year once new subsidy plans are announced next month. The company plans to start construction of a new plant at the Port of Taichung Export Processing Zone next month, with a trial run scheduled in the fourth quarter next year and mass production expected in early 2021, it said.

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