Shin Kong Financial Holdings Co (
Shin Kong Financial said the net loss for the period from Feb. 19 (the day it began trading in TAIEX) to June 30 came after its unit Shin Kong Life Insurance Co (新光人壽) decided to put aside an additional NT$19.6 billion in reserves to cover potential losses stemming from higher policy claims.
"Like other local insurers, low interest rates are hurting Shin Kong's ability to pay higher returns on policies it sold in the past," said William Fong (
The holding company includes Shin Kong Life Insurance and Shin Kong Securities Co (
Anticipating a better economic performance during the second half of the year, Shin Kong Financial expects full-year net losses at NT$8.82 billion -- that compares to NT$3.96 billion in net profit which it had originally forecast in March, or earnings per share of NT$1.66.
The company will sell some of its real-estate assets in Taipei for an estimated NT$5.6 billion while also implementing cost-saving measures that will generate NT$1.1 billion in savings, to keep the full-year loss under NT$8.82 billion, said Jack Lee (李後利), spokesman and executive vice president.
Shin Kong failed, however, to find a buyer for its Tun-nan Building (敦南大樓) on Friday, on which it had set a minimum asking price of NT$6 billion. It hasn't set a date for a new auction of the office building.
In September the company will try to auction Jasper Villa (
While the company is confident in its sale of some of its real estate, analysts said they are not that optimistic, especially at a time when the nation's real-estate market is still in the doldrums.
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