Fri, Feb 14, 2020 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies


Faraday results disappoint

Integrated circuit designer Faraday Technology Corp (智原科技) yesterday reported that fourth-quarter sales and earnings were below market expectations, reflecting the effects of clients’ inventory adjustments. Faraday’s fourth-quarter net income fell 66.4 percent from the previous quarter to NT$49 million (US$1.63 million), or earnings per share of NT$0.2, while sales fell by 11.9 percent to NT$1.4 billion, a company financial statement showed. Aided by higher revenue from its high-margin silicon intellectual property rights and non-recurring engineering segments, Faraday’s overall revenue for last year increased 8.2 percent annually to NT$5.31 billion, while net income rose 32.1 percent to NT$3.48 billion, or earnings per share of NT$1.4, it said.


US firm eyes high Q1 sales

Applied Materials Inc on Wednesday released a bullish sales forecast for this quarter, suggesting that its customers are once again spending on their fabs. The company’s fiscal second-quarter sales would be US$4.34 billion, plus or minus US$200 million, and adjusted earnings would be between US$0.98 and US$1.10 a share for the period ending in April, the company said in a statement. The US company is the largest maker of machinery used by manufacturers of semiconductors, with Samsung Electronics Co, Intel Corp and Taiwan Semiconductor Manufacturing Co (台積電) among its customers.


GrabWheels takes EV partner

GrabWheels, the new mobility arm of ride-hailing firm Grab, yesterday said that it has secured US$30 million in fresh funding from Taiwanese scooter maker Kwang Yang Motor Co (光陽工業), as part of a strategic partnership to invest in and develop two-wheeler electric-vehicle (EV) solutions to accelerate the adoption of EVs in Southeast Asia. Kwang Yang sells its scooters under the KYMCO brand. The partnership would enable the firms to jointly explore developing and deploying two-wheel EVs, specifically KYMCO’s Ionex electric bikes, as well as the Ionex EV charging platform in Southeast Asian cities, a press release said. The US$30 million capital injection is part of GrabWheels’ ongoing Series A round.


CAL delays Cebu flights

China Airlines Ltd (中華航空) yesterday announced that it is postponing the launch of its Taoyuan-Cebu flights from March 29 to June 12 due to Manila’s announcement on Monday that it is temporarily banning Taiwanese visitors from the Philippines in a bid to contain COVID-19. CAL’s announcement came after StarLux Airlines Co’s (星宇航空) decision on Wednesday to delay the launch of its Taoyuan-Cebu route until July 1.


Breeze Group to cut jobs

Upscale mall operator Breeze Group (微風集團) on Wednesday confirmed that it plans to reduce its workforce, but declined to say whether media reports of a 30 percent cut are accurate. The planned reduction is a routine internal adjustment, Breeze said, adding that it would continue to hire professionals to help the firm expand. Breeze opened its 10th Taipei mall in January 2018 — the Breeze Nan Shan (微風南山) in the city’s Xinyi District (信義) — and plans to open another one in Nangang District (南港), it said. Taipei Department of Labor official Liu Chia-hung (劉家鴻) said his agency had not yet received a notice from Breeze about layoffs or any complaints from the group’s employees.

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