Wed, May 10, 2023 page11

• Taiwan Business Quick Take

  • Staff writer, with agencies
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  EQUITIES

  TAIEX edges higher

  The TAIEX closed slightly higher yesterday as large-cap technology stocks sustained strength to offset losses suffered by their old-economy counterparts, such as so-called “military concept stocks” and firms in the electric engineering industry. However, sentiment remained cautious throughout the session as investors were concerned about a potential US debt default and the impending release of US consumer price index data today. The TAIEX closed up 28.13 points, or 0.18 percent, at 15,727.70. Turnover on the main board totaled NT$210.376 billion (US$6.85 billion), with foreign institutional investors buying a net NT$4.12 billion of shares, Taiwan Stock Exchange data showed.

  AIRLINES

  EVA profit up 34 percent

  EVA Airways Corp (長榮航空) yesterday posted a net profit of NT$4.498 billion for the first quarter of the year, up 34 percent year-on-year on the back of a surge in passenger revenue. Earnings per share were NT$0.84 in the first quarter, compared with NT$0.64 a year earlier. Consolidated sales in the first three months of the year grew 47.6 percent to NT$44.43 billion, with passenger revenue jumping 1,739.6 percent to NT$27.75 billion, while cargo revenue decreased 59 percent to NT$10.45 billion, EVA said. The company attributed the surge in passenger revenue to a 3,424 percent increase in passenger volume and higher ticket prices. A 28.4 percent drop in cargo volume was the main reason behind the decrease in cargo revenue in the quarter, it added.

  ELECTRONICS

  Hon Hai buys land in India

  Hon Hai Precision Industry Co (鴻海精密) has bought a huge tract of land on the outskirts of Indian technology hub Bengaluru, the key Apple Inc supplier said in a filing with the Taiwan Stock Exchange on Monday as it looks to diversify production away from China. Hon Hai, known as Foxconn Technology Group (富士康科技集團) globally, said its subsidiary Foxconn Hon Hai Technology India Mega Development Pvt Ltd was paying 3 billion rupees (US$36.6 million) for a 1.2 million square meter site in Devanahalli, near the local airport, the filing said. Karnataka Chief Minister Basavaraj S. Bommai in March said that Apple would “soon” manufacture iPhones at a new plant in the state, creating “about 100,000 jobs.” Meanwhile, another Foxconn unit, Fu Wing Interconnect Technology (Nghe An) Co Ltd, has acquired land use rights to a 480,000m2 site in Vietnam’s Nghe An Province, a separate filing said.

  CHIPMAKERS

  TSMC executives paid more

  Executives at Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) received more annual pay last year on the back of the contract chipmaker’s strong business performance, according to a report released to TSMC shareholders ahead of the chipmaker’s annual general meeting on June 6. TSMC chairman Mark Liu (劉德音) was paid NT$632 million last year, up NT$231 million or 57.87 percent from a year earlier, while chief executive officer C.C. Wei (魏哲家) received NT$643 million, up NT$243 million or 60.72 percent from a year earlier. TSMC’s net profit totaled NT$1.01 trillion last year, up 70.4 percent from a year earlier. Liu’s pay accounted for 0.0622 percent of TSMC’s total net profit for last year, while Wei’s salary was equivalent to 0.0633 percent of total net profit.
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