Nan Ya Plastics Corp (南亞塑膠), the world’s largest processor of plastics for pipes and imitation leather, more than doubled its second-quarter profit after the economic recovery bolstered sales.
Net income rose to NT$11.5 billion (US$359 million) in the three months ended June 30, the Taipei-based company said in an e-mailed statement yesterday. Nan Ya Plastics posted a profit of NT$5.58 billion a year earlier, according to a previous filing. The number beat the NT$8.9 billion average of eight analyst estimates compiled by Bloomberg.
Nan Ya Plastics has expanded into manufacturing petrochemicals, polyester and electronics components such as optical disks and materials used to make printed circuit boards. Sales have risen as the global economic recovery spurs demand for Asian-made mobile phones and notebook computers.
“Nan Ya Plastics did surprisingly well in the second quarter,” said Yuanta Securities Co (元大證券) analyst Danny Ho (何耀仁). “The company is benefiting from rising demand for electronic products.”
Second-quarter sales climbed 39 percent from a year earlier to NT$55.5 billion, slower than the 69 percent increase in the previous three months, according to monthly exchange filings.
First-half net income rose NT$20.5 billion, or NT$2.61 a share, from NT$2.11 billion, or NT$0.27, a year earlier, Nan Ya Plastics said in a stock exchange filing yesterday.
The company plans to sell as much as NT$10 billion of bonds and will use the proceeds from the sale to pay debt and improve the company’s financial structure, according to a separate filing.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the
RSS