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ASE earnings surge amid pandemic, strong demand continues for its assembly and testing department


ASE Technology saw its first-quarter 2020 net earnings shoot up 91% on year to NT$3.899 billion (US$131.01 million), the highest for the same quarter seen since its inception according to company CFO Joseph Tung.


ASE also expects better results in the second quarter. The company reported revenues of NT$97.357 billion for first-quarter 2020, down 16% on quarter but up 10% on year in a Digitimes report.

The firm's revenues from its core IC assembly and test business were better than expected in the first quarter due to strong demand from clients according to Tung. EMS business performance will also projected to perform better.

Industry sources expect the firm's IC packaging and testing revenues to rise 5-6% sequentially and EMS business to climb at least 10% sequentially in second-quarter 2020.

The first half of the year see better results but the visibility for the second half of the year is still unclear, said Tung at a recent online investors conference.

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Clothing brand Esprit to shut down all stores in Asia except those in China

Esprit Holdings Ltd is set to close all its stores in Asia outside China, including 26 in Taiwan, by the end of May as it stuggles with slumping sales in the region with the economic meltdown made by COVID-19 pandemic.

Esprit is a Hong Kong-listed fashion retailer, announced that the apparel group has decided to close all 56 retail stores in Singapore, Malaysia, Taiwan, Hong Kong and Macau.

The decision of the company was made as part of its effort to manage with the challenges posed by the coronavirus pandemic.

“Under these proceedings, we are able to preserve liquidity and focus on the restructuring. We want to secure the future of this tremendous brand, and be ready for the opportunities that arise when this is all over,” Esprit Group CEO Anders Kristiansen said in a statement on the company’s Website.

Esprit retail sales significantly drops 44.2 percent in Asia. Esprit currently has 82 stores in China alone.
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