Tue, Dec 11, 2018 page11

• Taiwan Business Quick Take

  • Staff writer, with agencies
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  FINANCE

  Fubon income falls 83%

  Fubon Financial Holding Co (富邦金控) yesterday reported a net income of NT$620 million (US$20.08 million) for last month, down 83 percent from a year earlier, as its flagship company suffered losses. Fubon Life Insurance Co (富邦人壽) posted a net loss of NT$1.05 billion, compared with a net income of NT$1.43 billion a year earlier, due to lower investment gains amid a global equity market rout and a stronger New Taiwan dollar vis a vis the US dollar. For the first 11 months of the year, Fubon Financial Holding saw its net income rise 5 percent year-on-year to NT$53.1 billion. Earnings per share were NT$5.04 over the period, it said.

  COMPONENTS

  Lite-On revenue drops 5%

  Electronics component supplier Lite-On Technology Corp (光寶科技) yesterday reported consolidated revenue of NT$16.73 billion for last month, down 4.94 percent from a year ago. The figures do not include its mobile phone camera module business, which it sold earlier this year, the company said in a statement. For the first 11 months of this year, sales totaled NT$191.95 billion, down 2.85 percent from a year earlier, it said. A company sales breakdown for last month showed that its information technology business contributed 65 percent to total sales, while optoelectronics and storage accounted for 15 percent each.

  AUTOMOTIVE

  Hiroca sales rise 14%

  Automotive components maker Hiroca Holdings Ltd (廣華控股) yesterday reported consolidated sales of NT$808 million for last month, up 13.89 percent month-on-month and 4.49 percent year-on-year. Cumulative sales in the first 11 months of the year increased 3.84 percent from a year earlier to NT$7.49 billion. Hiroca, which produces automotive interior trim parts, as well as plastic, fabric and leather decorations, said that rising shipments to major automakers, especially the three major Japanese brands, boosted its sales last month. Japanese automakers Toyota Motor Corp, Honda Motor Co and Nissan Motor Co accounted for more than 70 percent of the company’s revenue last month, with the remainder from European and US brands, it said.

  TECHNOLOGY

  Megvii seeks funding

  Megvii (曠視科技), the Beijing-based owner of facial recognition technology company Face++, is in discussions with Alibaba Group Holding Ltd (阿里巴巴) and other investors as it seeks to raise at least US$500 million in new funding, according to people familiar with the matter. The company, which already counts Alibaba as a backer, is talking with Chinese private equity investors and is considering a valuation between US$3.5 billion and US$4 billion, the people said. The financing, which the firm hopes to close this month, would give Megvii ammunition to compete with local rival SenseTime Group Ltd (商湯科技), the people said.

  BANKING

  FTSE adds Shanghai bank

  Shanghai Commercial and Savings Bank Ltd (SCSB, 上海商業儲蓄銀行) has been added to the FTSE TWSE Taiwan 50 Index after a quarterly index review, the Taiwan Stock Exchange (TWSE) said. Since its debut on Oct. 19, the bank has become one of the favorites of local and foreign institutional investors, who have bought a net 95 million of its shares as of Friday. Meanwhile, the FTSE has removed passive components maker Walsin Technology Corp (華新科技) from the Taiwan 50 Index. The index adjustments are to take effect on Saturday next week, the TWSE said.
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