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May 29, 2017

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Top 4 state-run giants' revenues top NT$80 bil.

TAIPEI, Taiwan -- Taiwan's top four state-run firms all reported favorable profits last year, with their pre-tax combined earnings totaling NT$80 billion.

Taiwan Power Co. (Taipower) saw the highest earnings among the four, accounting for NT$39.6 billion. The four major state-run firms in Taiwan, controlled by the Ministry of Economic Affairs (經濟部) and collectively nicknamed "oil-electricity-sugar-water" in Chinese according to their core businesses, are respectively oil refiner CPC Corp., Taipower, Taiwan Sugar Corp. (Taisugar) and Taiwan Water Co. The four firms own over NT$3 trillion in combined assets and employ more than 50,000 people. These state-run giants also occupy more than 60,000 hectares of land on the island.

Taipower saw revenue growth for three years in a row, reaching NT$39.6 billion in 2016. The company attributed slower growth to low fuel source prices, partially offset by improvements in operations effectiveness.

The power utility reported a loss of NT$17.54 billion in 2013, but improved financials the next year generating NT$14.14 billion in profits in 2014 and NT$61.7 billion in 2015.

Marking its best performance in years, CPC said it benefited from last year's rising oil prices and saw pre-tax earnings totaling NT$35.4 billion. The highest growth came from their oil products unit and petrochemicals division.

The oil refinery saw profits up to NT$3.8 billion in 2013, but posted a massive loss of NT$33.8 billion in 2014. In 2015, they reported a loss of NT$1.4 billion.

Taisugar earned NT$6.12 billion in 2016 — its fifth consecutive year of revenue growth.

Taiwan Water saw NT$1.04 billion in pre-tax revenue for 2016.

The company reported a loss of NT$395 million in 2012 and NT$72 million in earnings in 2013, another earnings growth to NT$63 million in 2014. In 2015, however, the firm reported a loss of NT$689 million.

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