YANGMING REPORTS JUMP IN ANNUAL PROFITS
Taiwan-based Yangming Marine Transportation doubled its net after-tax profit in 1999, according to preliminary results released by the company.
For the year ended Dec. 31, 1999, net income after tax amounted to “nearly NT$ 1.7 billion” (US$55 million), the company said. The net result compares with net profits of NT$880 million in 1998.
Operating revenue for 1999 “exceeded NT$ 45.1 billion” (US$1.46 billion), as compared to NT$35.4 billion in the previous year. The figures indicate that Yangming increased its revenue by more than 27 percent last year.
Yangming reported earnings per share of NT$ 1.0 (58 U.S. cents) for 1999, as compared to NT$0.58 in 1998.
The board of directors of Yangming has decided to appropriate NT$0.4 per share for cash dividends and NT$0.6 per share for stock dividends. Yangming will hold a meeting of stockholders on June 3.
In a separate development, Yangming said that it has approved the issuance of a sixth series of unsecured corporate bonds for NT$3 billion (US$97 million) to build 50,000 new containers.