Taiwan Glass: drop in half-year net profit

Taiwan Glass Industry Corp., a leading maker of glass fabric and float/processed glass listed on the Taiwan Stock Exchange, witnessed its after-tax profit of NT$ 790 million for the first half of this…

Taiwan Glass Industry Corp., a leading maker of glass fabric and float/processed glass listed on the Taiwan Stock Exchange, witnessed its after-tax profit of NT$ 790 million for the first half of this year ,a decrease of 41.4% compared to the same six months of 2001. Taiwan Glass recently released its financial report for the first half of 2002 as follows: revenue of NT$ 6.341 billion, an increase of 17.9% from the same period of last year; pre-tax profit of NT$ 1.024 billion, a year-on-year decrease of 37.8%; after-tax profit of NT$ 790 million, falling by 41.4%; net (after-tax) earnings per share of NT$ 0.66. Glass fabric, a main material used in making electronic products, has become the major source of revenue for Taiwan Glass. Despite a rise in half-year revenue due to growing sales volumes of glass fabric, the company suffered quite large decreases in half-year pre-tax profit and after-tax profit.