O-Ta Precision Industry Co (大田精密), which makes golf club heads and putters, on Thursday said it made a turnaround last year and announced plans to cut its capitalization by 30.89 percent to adjust its capital structure.
Net profit reached NT$657.48 million (US$22.58 million) last year, compared with a net loss of NT$222.25 million the previous year, the company said.
Thanks to one-off disposal gains from selling its operations in Shenzhen, China, in the third quarter of last year, the company’s full-year earnings per share reached NT$8.74, improving from net losses per share of NT$1.83 in 2016.
The Pingtung County-based company said its board has proposed a cash dividend of NT$3.40 per common share and plans to cut its capitalization from NT$1.21 billion to NT$838 million to enhance shareholder value.
If the plans are approved by shareholders and regulators at an annual shareholders’ meeting on May 11, the company said it would set a timeframe for the capital reduction and return NT$3.09 per share to shareholders.
O-Ta Precision has operations in Taiwan and China. The golf business’ profit has been negatively affected by higher labor costs and fierce competition from rivals over the past few years, despite relocating its China operations from Shenzhen to Ganzhou in the second half of last year and increasing in manufacturing automation to help reduce operational costs.
The firm said it is positive about this year’s market demand amid a recovery in the world economy, expecting the golf industry to grow at a compounded average growth rate (CAGR) of about 3 percent from 2015 to next year, citing estimates by California-based market research firm Frost & Sullivan.
The Greater China region is forecast to outperform the global market and grow by a CAGR of 8.3 percent over the same period, the company added.
Shares of O-Ta Precision fell 3.87 percent to close at NT$42.2 in Taipei trading yesterday.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS