The combined revenue of companies listed on the Taiwan Stock Exchange last month increased 11.97 percent year-on-year to NT$3.145 trillion (US$113.5 billion), the bourse said on Saturday.
The exchange said in a statement that 661 firms reported revenue growth, while 292 reported a decline.
The combined revenue of listed firms last grew 14.16 percent from August 2019, before COVID-19 was a factor, it added.
The highest increases last month were reported in shipping and transportation; oil, gas and electricity; and plastics, the exchange said.
The uptick in the shipping and transportation industry came as imbalanced supply and demand dynamics amid the COVID-19 pandemic boosted freight volumes and rates, benefiting major players in the sector’s peak season, it said.
Evergreen Marine Corp (長榮海運), the nation’s largest container shipping firm in terms of fleet size, on Friday reported record monthly revenue of NT$50.02 billion for last month, up 9.03 percent month-on-month and 164.79 percent year-on-year.
Yang Ming Marine Transport Corp (陽明海運), the second largest, said revenue last month rose 11.34 percent monthly and 151.33 percent annually to NT$32.79 billion, while Wan Hai Lines Ltd (萬海航運), the third largest, saw revenue increase 21.49 percent from the previous month and 278.07 percent from a year earlier to NT$24.66 billion.
The oil, gas and electricity industry benefited from rising raw material prices for petrochemicals caused by higher oil prices, while plastics producers cited increased demand for products and rising prices as factors behind their rising sales, the exchange said.
Tourism, financial and insurance industries, and some electronics sectors reported relatively large revenue declines last month, as the tourism industry continued to be affected by COVID-19 disease prevention measures, it said.
Some companies in the electronics industry posted a drop in revenue as their customers underwent a product transition period, while revenue in the financial and insurance industry declined due to lower net income at insurers, it said.
Accumulated revenue for the 953 listed firms in the first eight months of the year reached NT$24.1 trillion, up 18.61 percent year-on-year, the exchange said, adding that the increase compared with the same period in 2019 was 16.45 percent.
Firms in the shipping and transportation, plastics, and iron and steel industries reported the highest revenue increases during the eight-month period, the exchange added.
Alphabet Inc’s Google on Tuesday announced plans to buy a New York office building for US$2.1 billion, confirming its push into the US’ largest city despite the COVID-19 teleworking trend. This is the largest real-estate purchase in the US for an office building since the beginning of the global spread of COVID-19, the Wall Street Journal quoted Real Capital Analytics as saying. Google already rents the premises in Manhattan, which are located on the site of a former railroad terminal in the Hudson Square neighborhood. The Silicon Valley giant envisions a campus with a total surface area of 160,000m2 by mid-2023
Cash-strapped developer China Evergrande Group (恆大集團) has begun repaying investors in its wealth management products with real estate, said Hengda Real Estate Group Co Ltd (恆大地產), its main unit. Evergrande, with more than US$300 billion in liabilities, is in the throes of a liquidity crisis that has left it racing to raise funds to pay its many lenders and suppliers. It has a bond interest payment of US$83.5 million due on Thursday. The company said on WeChat on Saturday that investors interested in redeeming wealth management products for physical assets should contact their investment consultants or visit local offices. Financial news outlet Caixin on
‘CORE VALUES’: The contract chipmaker did not specify why the employees were dismissed, but media reports said they had leaked information about customer orders Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has fired seven of its employees for violating the company’s “core values,” the world’s largest contract chipmaker said yesterday. While the company did not disclose exactly why it fired the seven employees, local media reports earlier in the day said that the employees had leaked confidential information about customer orders. In a statement, the company said that it fired the seven at once, adding that it released an internal notice last week to inform the entire company of the move ahead of the four-day Mid-Autumn Festival holilday, which ended on Tuesday. TSMC said it fired the seven
MILD ADJUSTMENT: Two previous efforts failed to curtail mortgage financing, although the new measures should not affect property prices, the central bank governor said The central bank yesterday tightened credit controls for second-home mortgages in specific areas and purchases of plots of land, especially in industrial parks. However, the nation’s top monetary policymaker kept its policy rate at a record-low 1.125 percent for the sixth consecutive quarter, despite revising up its GDP growth forecast for this year from 5.08 percent to 5.75 percent. “Board members factored in economic uncertainty at home and around the world,” central bank Governor Yang Chin-long (楊金龍) said, adding that growing inflationary pressure was a temporary phenomenon induced by bad weather and a low base effect for oil prices. International fuel price increases