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Firms listed on OTC market post over 48% gains in Q1 profits

2018/05/21 15:34:51

Taipei, May 21 (CNA) Firms listed on the local over-the-counter (OTC) market posted a more than 48 percent year-on-year increase in pretax profits for the first quarter of this year on the back of strong global demand at a time of an economic recovery at home and abroad, according to the Taipei Exchange (TPEx).

The TPEx, which operates the local OTC market, said that of the 756 OTC firms, 753 have reported first quarter earnings to the exchange, excluding memory chip maker Sino-American Electronics Co., jewelry vendor CJW International Co., and Jih Sun Financial Holding Co.

Based on those reports, the TPEx announced that the 753 OTC listed firms raked in NT$33.1 billion (US$1.10 billion) in combined pretax profit from January to March, up NT$10.8 billion or 48.4 percent from a year earlier.

The TPEx said the semiconductor, biotech and optoelectronics sectors drove the increase in combined profits for the first quarter, posting year-on-year increases of NT$7.3 billion, NT$1.5 billion and NT$870 million, respectively.

The data compiled by the TPEx showed a total of 491 firms were profitable in the first quarter, accounting for 65 percent of reporting listed companies.

In the first quarter, eight companies listed on the OTC market posted NT$5 or more in earnings per share (EPS), 46 firms recorded EPS of NT$2 to less than NT$5 and 57 registered EPS of NT$1 to less than NT$2 in the first quarter, the data showed.

According to the data, 380 firms were profitable but their EPS stood at less than NT$1 in the first quarter.

In the first quarter, the 753 firms on the OTC market posted NT$523.2 billion in revenue, up NT$43.9 billion or 9.16 percent from a year earlier.

Meanwhile, 901 firms on the local main board, including 70 foreign incorporated companies, recorded NT$503.7 billion in pretax profit for the first quarter, up 11.29 percent from a year earlier, according to the Taiwan Stock Exchange (TWSE).

The Internet/communications, plastics and semiconductor industries served as an anchor for earnings growth during the January-March period, the TWSE said.

However, the exchange said the earnings reports did not include 14 financial holding firms listed on the main board which will not submit their data until the end of this month.

(By Han Ting-ting and Frances Huang)