Far Eastern Group Sets Ambitious Operation Goals

Taipei, March 4, 2011 (CENS)--Douglas Hsu, chairman of the Far Eastern Group, recently set the goal for the group's subsidiaries to become a bellwether in their own respective sectors in five years.

Based on the goals, the group's Far Eastern New Century Corp. would become a globally leading supplier of synthetic fiber; U-Ming Marine Transport Corp. would become one of the world's top 10 marine cargo carriers with capesize vessels; Asia Cement Co., Ltd. would rank among mainland China's top-10 cement makers; and Far Eastern Department Stores Ltd. would emerge as Taiwan's No.1 department store.

Hsu pointed out that the group scored earnings of NT$90 billion (US$3 billion at US$1:NT$30) on revenue of NT$500 billion (US$16.6 billion) in 2010. Industry executives estimated the group's earnings for this year at NT$100 billion (US$3.3 billion).

To achieve the goals, Far Eastern New Century will invest NT$40.3 billion (US$1.3 billion to boost its output of PTA to 3.8 million metric tons in 2014 from 2010's 1.6 million metric tons, and raise its output of polyester to 3 million metric tons from 1.6 million metric tons in the meantime.

Far Eastern New Century earned NT$12.9 billion (US$430 million) in after-tax net income thanks to strong market demand for synthetic fibers. Industry executives estimated the company to net NT$5 billion (US$166 million) in the first quarter, up from NT4.1 billion (US$138 million) of a quarter earlier. Throughout this year, the company is estimated to earn NT$3 per share, hitting a new high.

Far Eastern Department now has a total of 47 outlets in Taiwan and mainland China and is constructing five new shops.

U-Ming will expand its fleet to 50 vessels in three to five years, up from current 38 vessels.