Yulon Motor Co (裕隆汽車) yesterday reported net profit of NT$1.36 billion (US$48.58 million) for last quarter, the highest in about a decade and up sixfold from NT$197.23 million a year earlier, as auto sales in China and Taiwan rebounded from a deep COVID-19 slump last year.
Yulon said that operating profit surged to NT$1.85 billion, up from NT$616 million a year earlier, or earnings per share of NT$1.39, from NT$0.13 last year.
Auto sales in China in the first quarter increased 75.6 percent year-on-year to 6.48 million units, Yulon said, adding that sales this year are forecast to reach 26.3 million units, an increase of 3.9 percent annually.
The automaker’s board of directors yesterday approved the distribution of a cash dividend of NT$1 per share, representing a payout ratio of 35.7 percent based on last year’s earnings per share of NT$2.8.
Yulon Nissan Motor Co (裕隆日產), a subsidiary that distributes Nissan and Infiniti vehicles, also saw a spike in sales, with net profit in the first quarter reaching NT$809.18 million from NT$178.59 million a year earlier, it reported on Wednesday, attributing the performance to a recovery in the Chinese market and Beijing’s stimulus measures.
Yulon Nissan also booked an investment gain of NT$903.47 million in a Chinese subsidiary, Guangzhou Fengshen Automotive Co (風神汽車), tripling from the NT$318 million investment from a year earlier, the company said. Yulon Nissan holds a 42.69 percent stake in Guangzhou Fengshen.
Operating profit surged to NT$76.27 million, up from NT$2.9 million a year earlier, while non-operating profit jumped to NT$935.6 million from NT$225.88 million, it said.
The company said that it plans to distribute a cash dividend of NT$18.53 per share, which would represent a payout ratio of 85 percent based on last year’s earnings per share of NT$21.8.
Yulon Nissan’s board also approved the appointment of Luxgen Motor Co (納智捷汽車) president Tsay Wen-rong (蔡文榮) as the company’s new president, replacing Leman Lee (李振成), who retired on Wednesday.
The new appointment is to take effect on May 25.
Luxgen is an own-brand vehicle vendor that is owned by Yulon.
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