Taipei, Listed companies on the local main board posted a more-than 11 percent year-on-year increase in pretax profit in the first quarter of this year at a time when the economy at home and abroad has been on the road to recovery, according to data released Wednesday by the Taiwan Stock Exchange (TWSE).
The TWSE, which operates the local main board, said listed firms in the exchange raked in NT$503.7 billion (US$16.85 billion) in pretax profit, up 11.29 percent from a year earlier.
According to the exchange, the Internet/communications, plastics and semiconductor industries served as an anchor to the earnings growth during the January-March period.
The TWSE said the Internet/communications industry benefited from disposal of assets and revenue from licensing, while the bottom line of the plastics sector was boosted by solid global demand.
In addition, the TWSE said, the semiconductor industry enjoyed strong demand for high-tech devices and an increase in product prices, in particular in memory chips such as dynamic random access memory chips, which have been in short supply.
In the first quarter, revenue of the listed companies on the main board totaled NT$6.75 trillion, up 6.72 percent from a year earlier, the TWSE data shows.
The profit reports were summited by 831 Taiwan-incorporated firms and 70 others registered overseas but which have launched their primary listings in Taiwan, the TWSE said.
However, the data did not cover 14 financial holding companies listed on the main board, as the financial holding firms will not release their first-quarter results until the end of May, the TWSE added.
For the 831 Taiwanese firms, their pretax profit rose 12.26 percent from a year earlier to NT$491.5 billion, while pretax profit of the 70 foreign companies fell 17.57 percent to NT$12.2 billion, the TWSE's data shows.
Source: Focus Taiwan News Channel