Taiwan Glass first-quarter net earnings

Taiwan Glass Industry Corp., the largest local manufacturer of glass products and glass fabric listed on the Taiwan Stock Exchange, recorded net (after-tax) earnings per share (EPS) of NT$ 0.32 in the…

Taiwan Glass Industry Corp., the largest local manufacturer of glass products and glass fabric listed on the Taiwan Stock Exchange, recorded net (after-tax) earnings per share (EPS) of NT$ 0.32 in the first quarter of 2002. Taiwan Glass saw revenue of NT$ 1.191 billion in March, growing by 16.5% from the same period in 2001. The company“s revenue for the first quarter of this year came to NT$ 3.004 billion, an increase of 1.1% from the same quarter of last year. Revenue growth for March and the first quarter was due to increased delivery volumes of products, Taiwan Glass indicated. But, because of price drops, the company“s pretax profit of NT$ 224 million for March and NT$ 464 million for the first quarter slipped largely by 56.8% and 58.7%, respectively, from the corresponding periods of 2001. The company“s first-quarter after-tax profit of NT$ 389 million was equal to net EPS of NT$ 0.32, a year-on-year decrease of 60%. As the global market of glass fabric is expected to rebound in May, the company hopes its profitability will rise.