Hiwin profit plunges 78%
Machinery maker Hiwin Technologies Co (上銀科技) yesterday reported that net profit plunged 77.67 percent annually to NT$389.03 million (US$12.79 million) in the third quarter, with earnings per share falling from NT$5.79 to NT$1.26 over the period. Last quarter’s net profit reached the lowest in 10 quarters during a sector downcycle. Third-quarter revenue fell to the lowest since the second quarter of 2017, at NT$5.06 billion, due to customers destocking inventories. Gross margin declined 7.1 percentage points to 33.64 percent, while operating margin decreased 13.07 percentage points to 12.63 percent, company data showed. In the first three quarters of this year, net profit totaled NT$1.83 billion, down 59.62 percent from a year earlier, or earnings per share of NT$5.90.
SAS posts NT$1.61bn profit
Solar firm Sino-American Silicon Products Inc (SAS, 中美晶) yesterday reported a net profit of NT$1.61 billion for last quarter, from a net loss of NT$2.28 billion in the previous quarter, after the company resettled multi-year supply contracts and gained a contribution from its semiconductor subsidiary, GlobalWafers Co (環球晶圓). That allowed SAS to report earnings per share of NT$2.76 last quarter, compared with net losses per share of NT$3.92 the prior quarter, the company said. In the first three quarters, the company reported that net profit reached NT$1.16 billion, down about 54 percent from a year earlier, or earnings per share of NT$2.00.
FamilyMart profits rise 9%
Taiwan FamilyMart Co (全家便利商店), operator of the nation’s No. 2 convenience store chain, yesterday reported that net profit last quarter increased 8.71 percent annually to NT$588.55 million, thanks to rising store sales and customer traffic. Earnings per share rose to NT$2.64 from NT$2.43 a year earlier. Revenue for last quarter increased 7.56 percent to NT$20.24 billion, with gross margin of 36.74 percent. The company’s net profit in the first three quarters reached NT$1.35 billion from NT$1.26 billion a year earlier, with earnings per share of NT$6.04 from NT$5.64 a year earlier.
Sumitomo to buy RAC stake
RAC Electric Vehicles Inc (華德動能), which makes electric buses and trucks, yesterday reached an agreement with Sumitomo Corp to sell a 7 percent stake to the Japanese trading firm for ￥450 million (US$4.12 million) via a private placement. Through the partnership, the two companies plan to develop electric bus and smart city-related businesses. RAC is the only Taiwanese company that has obtained certification from the government for electric buses.
Miaoli approves plant EIA
Miaoli County authorities have approved the environmental impact assessment (EIA) for an IC packaging and testing plant planned by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電). The Miaoli Environmental Protection Bureau on Monday said that it had in principle approved the EIA submitted by TSMC, which is planning to build the plant in a section of the Hsinchu Science Park (新竹科學園區) in Jhunan Township (竹南), except for what it called “minor” issues related to water consumption, atmospheric pollutant emissions and transportation issues. The bureau is waiting for TSMC to reply to those issues.
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