Wed, Jan 08, 2020 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

MANUFACTURING

FPG announces bonuses

Formosa Plastics Group (FPG, 台塑集團) is to distribute bonuses equivalent to 4.94 months’ salary to employees of its four major units ahead of the Lunar New Year holiday, which starts on Jan. 24. This year’s amount is less than the 5.83 months’ salary that the group distributed last year, as earnings at the four FPG subsidiaries were generally lower than a year earlier due to the negative effect of the US-China trade dispute, the group said. The four subsidiaries reported average pre-tax earnings per share of NT$4.84 for last year, a preliminary estimate released by the group showed.

PETROCHEMICALS

CPDC to raise US$129m

China Petrochemical Development Corp (CPDC, 中石化) has priced its global depositary receipts (GDRs) at US$7.18 per unit. They are scheduled to be listed on the Luxembourg Stock Exchange on Monday. In a regulatory filing yesterday, the company said that it is issuing 180 million GDRs, representing 450 million common shares, as it aims to raise US$129.24 million to fund its investment in a subsidiary and build a chemical plant overseas. While the GDRs are expected to dilute earnings per share by 13.7 percent at most, “with respect to our financial structure, the increase in our own capital and lower debt ratio will be more beneficial to the group’s future operating performance and development,” CPDC said.

COMPUTERS

Getac sales rise 20.05%

Rugged PC vendor Getac Technology Corp (神基) yesterday reported that sales for last month increased 20.05 percent year-on-year to NT$2.44 billion (US$81.1 million). That helped increase its fourth-quarter sales to NT$7.34 billion, up 1.8 percent from the third quarter and 13.3 percent from a year earlier. Getac attributed the quarterly increase to contributions from government projects and expanded capacity at its Vietnamese manufacturing site. For the whole of last year, consolidated revenue reached NT$27.26 billion, up 10.41 percent from NT$24.69 billion in 2018.

COMPUTERS

Qisda revenue grows 8.8%

Qisda Corp (佳世達) on Monday reported that revenue for last month increased 8.8 percent year-on-year to NT$14.49 billion, bringing fourth-quarter revenue to a record high of NT$45.97 billion. Total revenue for last year also hit a new high at NT$169.86 billion, up 9.04 percent from 2018. The company attributed the increase to the strength of its business segments, as well as contributions from subsidiaries such as Aewin Technologies Co Ltd (其陽科技), Sysage Technology Co Ltd (聚碩), Topview Optronics Co (勝品電通) and Ace Pillar Co (羅昇). Qisda owns 51.26 percent and 20.49 percent stakes in Aewin and Ace Pillar respectively. The company last year acquired 35 percent and 20 percent shares in Sysage and Topview respectively.

TRADING

TAIEX continues slide

The TAIEX fell further yesterday, amid geopolitical tensions after the US killed Iran’s top military commander last week, but the main board recovered from an early low due to bargain hunting near the end of the session, dealers said. The bellwether electronics sector led the downturn on the broader market, while select old economy and financial stocks remained resilient, lending some support to the market, dealers said. The TAIEX ended down 73.04 points, or 0.61 percent, at 11,880.32. Turnover totaled NT$164.811 billion during the session.

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