Cathay Financial Holding Co (
Unaudited net income declined to NT$4.75 billion (US$150 million), the company said in a filing to the Taiwan Stock Exchange late on Friday that included no figures on lending, deposits or assets for the period. Cathay Financial reported profit of NT$12.04 billion a year earlier.
"Its investment returns weren't good" amid weak securities markets, said Michael Ding (
Earnings growth at the parent of Cathay Life Insurance Co (國泰人壽), Taiwan's largest life insurer, may slow this year as the pace of the nation's economic expansion eases.
Cathay Financial said on Feb. 24 it plans to expand into property insurance in China after becoming the first Taiwanese financial company to sell life insurance policies there. Its Chinese partner is China Eastern Airlines Corp (
Rivals Fubon Financial Holding Co (富邦金控), Hua Nan Financial Holdings Co (華南金控) and First Financial Holding Co (第一金控) also reported a decline in first-quarter profit as the economy slows.
The government forecasts that economic growth will slow to 4.21 percent this year from 5.71 percent last year.
The benchmark TAIEX fell 2.2 percent during the first quarter on concern over the nation's slowing economy. The index gained 11 percent during the same period a year earlier.
Fubon Financial, the nation's second-largest financial services company by market value, posted a 14 percent decline in first-quarter unaudited profit to NT$4.16 billion (US$132 million), the company said in a filing to the Taiwan Stock Exchange on Friday. That compares with NT$4.84 billion in the first quarter of last year. Fubon Financial on Feb. 22 said it expects profit this year to rise 15 percent to 20 percent from last year.
Hua Nan Financial, Taiwan's fourth-biggest financial holding, had a 22 percent unaudited profit drop in the first quarter from a year earlier to NT$2.48 billion (US$79 million). That compares with NT$3.17 billion in the first quarter of last year.
Hua Nan on Jan. 31 forecast profit of NT$10.7 billion for this year, unchanged from last year.
First Financial, the nation's fifth-largest financial-services provider, had a 26 percent decline in first-quarter unaudited profit to NT$2.56 billion (US$81 million). This compares with NT$3.45 billion in the first quarter of last year.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
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