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Taiwan’s firms revenue dip 0.14% to NT$19.2 trillion

Taiwan’s firms revenue dip 0.14% to NT$19.2 trillion

TAIPEI: In the first three quarters of the year, aggregate pre-tax income reported by firms listed on the nation’s main bourse rose 7.75 percent year-on-year to NT$1.42 trillion (US$43.42 billion), despite a 0.14 percent dip in total revenue to NT$19.2 trillion, Financial Supervisory Commission data showed yesterday.

The commission said that growth during the period was propelled by the technology sector on the back of global smartphone demand. The plastics sector also saw earnings rise on account of significantly lower raw material costs, while the steel, cement and telecommunications sectors saw the steepest declines in profits.

Conversely, aggregate net income of firms listed on the over-the-counter Taipei Exchange receded 10.17 percent to NT$87.4 billion, despite a 0.77 percent annual gain in revenue to NT$1.41 trillion.

Biotechnology and telecommunications companies listed on the Taipei Exchange led in earnings growth during the first nine months, the commission said.

“Companies in the telecommunications sector listed on the Taipei Exchange fared much better than their peers listed on the Taiwan Stock Exchange, as they mainly produce network equipment,” said a commission official, who declined to be named. “By contrast, companies listed on the Taiwan Stock Exchange are mostly carriers, who had to bear the brunt of huge bids for spectrum and expensive investment in networks.”

Meanwhile, the commission said the Taipei Exchange has suspended the shares of three companies — Siltrontech Electronics Corp, Yang Hwa Technology Corp and Union Plus Technology Co Ltd — for their failure to release third-quarter financial statements.

The three companies are among nine firms being investigated by prosecutors for allegedly colluding to fabricate sales figures and drive up their share prices.