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Tatung posts NT$680 million consolidated net profit for Q1

TAIPEI, Taiwan -- Tatung Co. (大同) yesterday announced that it achieved a consolidated net profit of NT$680 million in the first quarter this year, following a previous announcement that its consolidated net losses shrank to NT$1.6 billion in 2013 from NT$3.5 billion in 2012.

The company added that it has an optimistic outlook on 2014.

The improvements in 2013 came largely as a result of reductions in investment losses in CPT and green energy, Tatung said, adding, that it has reduced its debt by 52 percent from its 2006 peak and improved its cash flow.

The company said that its debt fell to NT$50.6 billion in 2013 from NT$64.5 billion in 2012, adding that it will strive to reduce its debt even more.

Regarding its efforts to improve its cash flow, the firm said that its capital expenditure stood at NT$4.9 billion in 2013, well below the peak of NT$64 billion in 2005.

Tatung said that its NT$680 million net profit was mainly driven by improved performances by subsidiaries such as GET, CPT, ECS and San Chih Asset Development, all of which contributed to its investment income.

  Tatung said that it will continue its ongoing restructuring endeavors, adding that improvements in margins, expense and debt reduction and cash flow will remain its focus.

  The firm said that it is working hard to launch Pan Chao residential projects by the end of this year and that it will continue to improve its performance and financial structures to reciprocate support from its employees, customers, shareholders and investors.

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