Continental Holdings Corp (欣陸投控) yesterday posted record-high net income of NT$2.89 billion (US$93.69 million) for last year, supported by robust contributions from three major subsidiaries and a one-off tax benefit.
The figure represented a 58.15 percent year-on-year increase and translated into earnings per share of NT$3.51, the Taipei-based conglomerate said, adding that its board proposed distributing a cash dividend of NT$2.5 per share from last year’s profit.
That suggests a payout ratio of 71.3 percent pending approval by shareholders later this year, it said.
PROFITABLE UNITS
Consolidated revenue increased 19.7 percent year-on-year and all three business units — Continental Engineering Corp (大陸工程), Continental Development Corp (大陸建設) and HDEC Corp (欣達環工) — delivered double-digit percentage revenue growth, it said.
Environmental projects arm HDEC posted the biggest improvement due to construction of the Anping Reclaimed Water Plant and Tongluo Science Park Wastewater Treatment Plant Phase II, it said.
Continental Development’s real-estate development business also fared well, benefiting from profit recognitions from the mixed-use Bountiful Journey (琢豐) project in Taipei’s Zhongshan District (中山), it said.
Continental Engineering’s construction engineering business unit received support from private-sector construction projects, it said.
All three business units have a healthy backlog that would provide the conglomerate with stable sources of income this year and beyond, it added.
BACKLOGS
As of December last year, the backlog for Continental Engineering amounted to NT$74.5 billion, or 3.8 times its revenue last year, it said.
The revenue backlog at Continental Development reached NT$14.6 billion, while contracts on hand at HDEC totaled NT$45 billion, equivalent to 1.5 times and 9.6 times their respective revenue last year, it said.
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