Jun 28, 2017 General Comments Off on Taipower fails to make top 10 companies for 1st time in 34 years
Taipei--State-owned Taiwan Power Company (Taipower) has, for the first time in 34 years, fallen out of the top 10 Taiwanese companies in a survey that ranks the top 5,000 local enterprises by revenue in 2016.
It is the first time Taipower failed to make it into the top 10 since the annual survey began ranking state-owned and privately-owned firms together in 1982. Taipower ranked ninth in the survey last year.
Formosa Petrochemical Corp., a privately-owned gasoline supplier that was eighth last year, dropped out from the top 10 for the first time in 12 years, according to the survey released by Taiwan's China Credit Information Service, Ltd. (CCIS).
New to the top 10 list are Nan Shan Life Insurance Co. and Fubon Life Insurance Co., in eighth and tenth place, respectively.
The latest survey indicates that life insurance companies have great potential and well-established companies have no guarantee they will remain in the top 10, CCIS said.
Three of the top 10 corporations this year are life insurance companies. The third, Cathay Life Insurance, ranked fifth.
The only state-owned enterprise to make the list is oil refiner CPC Corp. Taiwan, which ranked sixth.
The remaining six companies are electronics manufacturers and suppliers of Apple Inc. They include Hon Hai Precision Industry Co. (1), Taiwan Semiconductor Manufacturing Co. (TSMC) (2), Quanta Computer lnc. (3), Compal Electronics Inc. (7) and Wistron Corp. (9).
Among them, contract chip maker TSMC posted strong revenue growth last year, with its revenue increasing by 11.87 percent to NT$936.4 billion (US$ 30.75 billion) in 2016 from a year earlier. As a result, TSMC improved from fifth place in 2015 to third in 2016. Overall, total revenue and total net profit after tax of the top 5,000 enterprises shrunk in 2016, even though Taiwan posted 1.5 percent growth in gross domestic product (GDP) last year, CCIS said.
Total revenue declined by 0.62 percent to NT$34.75 trillion in 2016 from a year earlier, while total net profit after tax fell by 0.73 percent to NT$2.57 trillion.
Source: Focus Taiwan News Channel
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