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Taiwan Glass: 3Q earnings hit 20-year high

Taiwan Glass Corp. has reported after-tax earnings of TWD 4 billion (USD 131.14 million) in the first three quarters of 2010, resulting in a 20-year high, and increasing 21-fold year-on-year.
These i…

Taiwan Glass Corp. has reported after-tax earnings of TWD 4 billion (USD 131.14 million) in the first three quarters of 2010, resulting in a 20-year high, and increasing 21-fold year-on-year. These important earnings are, says the company, mainly due to rising production equipment utilization rate for flat-panel and energy-saving glass, high selling prices of fiberglass yarns, increased orders for food-container glass, and earnings from invested firms such as Formosa Plastics Corp. and Nan Ya Plastics Corp. Thanks to the booming realty market in Taiwan and China, Taiwan Glass“ orders for flat glazing were up, with its production equipment utilization rate exceeding 95% in Hsinchu County and Changhua Coastal Industrial Park of Taiwan, and the Jiangsu province of China. The company said it has seen increasing sales of high-margin products such as energy-saving glass due to increased eco-awareness, contributing in its achieving of an operating gross margin rate of 25.84% in the first three quarters – an increase of 11.5% compared to 2009. Sales of fiberglass yarns were TWD 1.539 billion in the first three quarters, a 26-times increase from the same period in 2009, with selling prices for fiberglass yarns increasing over 50% since the beginning of 2010. Taiwan Glass is estimated to generate after-tax earnings over TWD 5 billion this year, the highest record since going public in Taiwan in 1973.

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