Thu, May 11, 2023 page11

• Taiwan Business Quick Take

  • Staff writer, with CNA
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  EQUITIES

  TAIEX drops amid caution

  The TAIEX came under pressure throughout yesterday’s session, as investors remained cautious before the release of US inflation data for last month later in the day. They were also monitoring negotiations on the US government’s debt ceiling in Washington. Selling focused on the electronics sector as contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) led the downturn in the wake of a 0.56 percent decline in its American depositary receipts on Wall Street overnight. The TAIEX closed down 85.94 points, or 0.55 percent, at 15,641.76. Turnover on the main board totaled NT$196.663 billion (US$6.4 billion), with foreign institutional investors selling a net NT$5.81 billion of shares, Taiwan Stock Exchange data showed. TSMC fell 1.37 percent, with the stock’s losses contributing about 60 points to the TAIEX’s decline, the exchange said.

  AIRLINES

  CAL net profit declines

  China Airlines Ltd (CAL, 中華航空) yesterday posted a net profit of NT$1.31 billion for the first quarter of the year, down 57.33 percent from NT$3.07 billion a year earlier, despite a surge in passenger revenue in the quarter. Earnings per share were NT$0.22 in the January-to-March period, compared with NT$0.52 a year earlier. Consolidated sales in the first three months of the year grew 14.66 percent to NT$42.69 billion, with passenger revenue jumping 1,024 percent year-on-year due to a marked increase in passenger volume, while cargo revenue decreased from the same period last year due to falling freight rates, CAL said. Revenue for last month increased 24 percent to NT$15.18 billion, with passenger revenue surging 1,086.4 percent to its highest since last year, the airline said.

  ELECTRIC VEHICLES

  Hon Hai, Infineon ink deal

  Hon Hai Precision Industry Co (鴻海精密) on Tuesday signed a memorandum of understanding with Infineon Technology AG to establish a long-term partnership to develop advanced electromobility with efficient and intelligent features for electric vehicles. The memorandum focuses on silicon carbide development, leveraging Infineon’s automotive silicon carbide innovations and Hon Hai’s automotive systems knowledge, the firms said in a joint statement. They also plan to establish a system application center in Taiwan to expand the scope of their cooperation. The center would focus on optimizing vehicle applications, including smart cabin applications, advanced driver assistance systems and autonomous driving applications.

  BANKING

  E.Sun net profit up 49%

  E.Sun Commercial Bank (玉山銀行) on Tuesday posted net profit of NT$5.49 billion for the first quarter of the year, up 49 percent year-on-year, due to improved credit card business, rising environmental, social and governance (ESG)-related lending, and growing gains from fixed income and foreign exchange. The bank said net fee income from its credit card operations rose 12.3 percent to NT$1.64 billion last quarter, while net fee income from its wealth management business dropped 11 percent to NT$2.21 billion. The bank registered an annual growth of 14 percent in ESG lending, which accounted for 35 percent of total corporate lending as a growing number of firms have resorted to such loans to address sustainability issues, it said. Gains from its fixed income and foreign exchange operations advanced threefold from a year earlier to NT$4.23 billion in the first quarter, the bank said.
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