GOING FORWARD:The firm’s capacity adjustments at its industrial paper plant in Yangzhou, China, have begun to bear fruit, company spokesman Yin Kuo-tang said
Date: May 17, 2017
By: Kuo Chia-erh / Staff reporter
Taiwan’s largest papermaking conglomerate, YFY Inc (永豐餘控股) swung into the red last quarter, primarily due to foreign-exchange losses of nearly NT$420 million (US$13.95 million).
The company posted a net loss of NT$45 million for the January-to-March quarter, or NT$0.03 per share, compared with a net loss of NT$120 million in the same period last year and a net profit of NT$9 million in the previous quarter.
In the first three months, sales increased 3.3 percent year-on-year to NT$15.51 billion, buoyed by rising global pulp prices and better-than-expected demand, the firm said.
“We saw an increase in orders from our clients [last quarter], but the local currency’s rapid appreciation blotted out the firm’s profitability,” company spokesman Yin Kuo-tang (殷國堂) told an investors’ conference on Monday, referring to the New Taiwan dollar’s appreciation against the US dollar. [FULL STORY]