Crown & Fancy sells stake
Crown & Fancy Coffee House (金鑛咖啡) yesterday said it had sold another 40 percent stake to major shareholder Star Travel Corp (燦星旅遊), increasing Star Travel’s holdings to 80 percent. The coffee chain, which started out as a street vendor in Kaohsiung in 2000, said it had reached the share sale agreement with Star Travel’s parent company, Tsann Kuen Group (燦坤實業), on Wednesday. The company said it hopes the alliance with the nation’s largest home appliance and consumer electronics chain will help speed up its coffee franchise development in Taiwan and abroad. Crown & Fancy said it plans to increase its number of stores from 27 to 51 by the end of this year. Star Travel chairman Ray Yang (楊文芳) is to serve as the new chairman of Crown & Fancy, replacing Cheng Li-chien (鄭立鍵).
Accton posts record revenue
Accton Technology Corp (智邦科技), a local maker of computer network equipment such as routers, yesterday reported its revenue last month hit an all-time high. Consolidated revenue grew 10.86 percent year-on-year and 8.98 percent month-on-month to NT$2.76 billion (US$82.39 million) last month, the company said in a statement. By product, network switches accounted for 67.28 percent of the company’s sales last month, carrier access solutions made up 16.7 percent, wireless local area network products 7.28 percent, broadband and gateway devices 2.3 percent and other devices 6.44 percent. The strong performance last month helped boost the company’s cumulative revenue for the whole of last year by 8.28 percent to NT$24.74 billion, the company said.
Lion Travel sees sales rise
Lion Travel Service Co Ltd (雄獅旅行社), the nation’s largest outbound travel service company, yesterday said that sales for last quarter rose 12.84 percent from a year earlier to NT$4.71 billion, although the figure was 23.19 percent lower than the previous quarter due to seasonal factors. For the whole of last year, the company said it managed to generate record revenue of NT$21.01 billion, up by 18.74 percent year-on-year.
Highwealth sales skyrocket
Highwealth Construction Co (興富發), which last year focused on first-time and salaried home buyers, yesterday said consolidated sales surged last month because of contributions from new property projects in Taipei, Tainan and Kaohsiung. Sales reached NT$13.59 billion last month, up 160.21 percent year-on-year and 176.56 percent month-on-month, according to the company’s filing with the Taiwan Stock Exchange. However, total sales for all of last year decreased 7.55 percent to NT$34.68 billion from 2014, as the industry was affected by a cooling housing market in Taiwan.
Gamania posts record sales
Online game publisher Gamania Digital Entertainment Co (遊戲橘子) yesterday reported its highest-ever annual sales, with last year’s figure totaling NT$9.71 billion, a 6.7 percent increase from 2014. Gamania, the local distributor of NCSoft Corp’s Lineage series of online fantasy games, attributed the increases to the launches of several mobile and PC games, as well as contributions from its e-commerce subsidiary, Jollywiz Digital Technology Co Ltd (樂利數位), and on-demand content streaming subsidiary, Coture (酷瞧). Meanwhile, online game publisher X-Legend Entertainment Co (傳奇網路) yesterday reported annual sales of NT$1.24 billion for last year, a decrease of 15.92 percent from the previous year.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s