MANUFACTURING
Tong Yang profit surges
Tong Yang Industry Co (東陽實業), which manufactures bumpers and automotive sheet metal, yesterday reported that pretax profit surged 1,500 percent last month from a year earlier to NT$363 million (US$11.38 million), the second-highest monthly figure in the company’s history. In the first nine months of this year, pretax profit expanded 279 percent from the same period last year to NT$2.19 billion, or pretax earnings per share of NT$3.8, the highest for the period. This came as the company’s revenue grew 26.5 percent year-on-year to NT$1.9 billion last month, with cumulative revenue in the first nine months totaling NT$15.97 billion, an 18.8 percent increase from the same period last year. The company said it is accelerating production to cope with a rebound in demand and is gearing up to develop new products to grasp new business opportunities.
COMPONENTS
TXC reports record profit
Quartz crystal components maker TXC Corp (台灣晶技) on Wednesday reported its highest September pretax profit in the company’s history thanks to foreign exchange gains and Apple Inc’s launch of new iPhones. Pretax profit rose 46.5 percent month-on-month and 13 percent year-on-year to NT$441 million last month, TXC said in a regulatory filing. TXC supplies frequency-control crystal components, which are used in networking, mobile communications, mobile computing, automotive applications, lighting and home automation. In the third quarter, pretax profit was NT$1.06 billion, up 3.4 percent quarterly, but down 2.1 percent from a year earlier, the company said. Despite weakening demand, TXC reported cumulative pretax profit of NT$2.895 billion in the first nine months, nearly flat from the same period last year, or pertax earnings per share of NT$9.35, it said.
EMPLOYMENT
Furloughed worker data fall
The number of workers on official furlough programs in Taiwan fell by more than 4,000 as travel agencies brought back staff from unpaid leave ahead of an easing of COVID-19 border controls yesterday. Data released by the Ministry of Labor on Tuesday showed that the number of workers on furlough programs had fallen by 4,714 to 13,336 as of Friday last week from 18,050 on Sept. 30. The number of furloughed workers in the support service sector had dropped by 3,154, or about 35 percent, to 5,817 as of Friday last week, the data showed. Amid rising domestic consumption, the number of furloughed workers in the lodging, and food and beverage industry fell to 953 from 1,567, the data showed. The number of furloughed workers in the transportation and warehousing industry fell to 918 from 1,249, while the manufacturing sector saw the number of workers on unpaid leave fall to 3,355 from 3,434, the data showed.
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
Handset camera lens maker Largan Precision Co (大立光) on Sunday reported a 6.71 percent year-on-year decline in revenue for the third quarter, despite revenue last month hitting the highest level in 11 months. Third-quarter revenue was NT$17.68 billion (US$581.2 million), compared with NT$18.95 billion a year earlier, the company said in a statement. The figure was in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$17.9 billion, but missed the market consensus estimate of NT$18.97 billion. The third-quarter revenue was a 51.44 percent increase from NT$11.67 billion in the second quarter, as the quarter is usually the peak
The US government on Wednesday sanctioned more than two dozen companies in China, Turkey and the United Arab Emirates, including offshoots of a US chip firm, accusing the businesses of providing illicit support to Iran’s military or proxies. The US Department of Commerce included two subsidiaries of US-based chip distributor Arrow Electronics Inc (艾睿電子) on its so-called entity list published on the federal register for facilitating purchases by Iran’s proxies of US tech. Arrow spokesman John Hourigan said that the subsidiaries have been operating in full compliance with US export control regulations and his company is discussing with the US Bureau of
Pegatron Corp (和碩), a key assembler of Apple Inc’s iPhones, on Thursday reported a 12.3 percent year-on-year decline in revenue for last quarter to NT$257.86 billion (US$8.44 billion), but it expects revenue to improve in the second half on traditional holiday demand. The fourth quarter is usually the peak season for its communications products, a company official said on condition of anonymity. As Apple released its new iPhone 17 series early last month, sales in the communications segment rose sequentially last month, the official said. Shipments to Apple have been stable and in line with earlier expectations, they said. Pegatron shipped 2.4 million notebook
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