Shinkong Textile's Q1 EPS Soars to NT$9.37 on Profit from Friendship Building Sale
Shinkong Textile booked the profit from the sale of the Friendship Building in Shilin, Taipei, causing its first-quarter net profit to surge to NT$2.805 billion. The earnings per share reached an impressive NT$9.37. The proceeds from the sale will be used to fund future land development.
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- 📰 Published: May 14, 2026 at 18:37
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(Central News Agency, Taipei, 14th) - Shinkong Textile (Shin紡) approved the sale of the Friendship Building land and building in Shilin District, Taipei, to a related party, Shin Kong Wu Ho-Su Memorial Hospital, at the end of last year. With the profit booked, Shin紡 announced its first-quarter financial report today, with a net profit attributable to the parent company of NT$2.805 billion, resulting in a high single-quarter earnings per share (EPS) of NT$9.37.
Shin紡's first-quarter operating profit, which represents its core business, was NT$152 million, maintaining stability. The surge in profit was mainly from non-operating contributions.
At the end of last year, Shin紡 held an extraordinary shareholders' meeting and approved the sale of the Shilin Friendship Building land and building to Shin Kong Wu Ho-Su Memorial Hospital. According to a real estate appraisal, the value was approximately NT$4 billion, and Shin紡 estimated a disposal gain of about NT$2.6 billion, which was booked in the first quarter, leading to a significant boost in the company's profits.
With NVIDIA's Taiwan headquarters setting up in the Beitou Shilin Technology Park (Beishike), the asset market in the surrounding Shilin area has been stimulated, and Shin紡, as a major landowner in the Shilin district, has drawn much attention. Shin紡's chairman, Wu Hsin-en, previously stated that NVIDIA's move into Beishike is definitely a good thing, as it can drive prosperity in the surrounding area. He hopes that the value of Shin紡's assets will be higher and the rent will be better in the future.
Wu Hsin-en said that Shin紡 owns large plots of land in the Shilin area, mostly industrial land. Most of it is currently under lease to several car manufacturers such as TOYOTA and MAZDA, with the longest lease having more than 10 years remaining, so there will be no direct benefits in the short term. However, considering that subsequent land development plans require huge amounts of capital, the sale of the Friendship Building this time is to prepare capital and resources for subsequent land development plans. (Editor: Su Chih-tsung) 1150514
Shin紡's first-quarter operating profit, which represents its core business, was NT$152 million, maintaining stability. The surge in profit was mainly from non-operating contributions.
At the end of last year, Shin紡 held an extraordinary shareholders' meeting and approved the sale of the Shilin Friendship Building land and building to Shin Kong Wu Ho-Su Memorial Hospital. According to a real estate appraisal, the value was approximately NT$4 billion, and Shin紡 estimated a disposal gain of about NT$2.6 billion, which was booked in the first quarter, leading to a significant boost in the company's profits.
With NVIDIA's Taiwan headquarters setting up in the Beitou Shilin Technology Park (Beishike), the asset market in the surrounding Shilin area has been stimulated, and Shin紡, as a major landowner in the Shilin district, has drawn much attention. Shin紡's chairman, Wu Hsin-en, previously stated that NVIDIA's move into Beishike is definitely a good thing, as it can drive prosperity in the surrounding area. He hopes that the value of Shin紡's assets will be higher and the rent will be better in the future.
Wu Hsin-en said that Shin紡 owns large plots of land in the Shilin area, mostly industrial land. Most of it is currently under lease to several car manufacturers such as TOYOTA and MAZDA, with the longest lease having more than 10 years remaining, so there will be no direct benefits in the short term. However, considering that subsequent land development plans require huge amounts of capital, the sale of the Friendship Building this time is to prepare capital and resources for subsequent land development plans. (Editor: Su Chih-tsung) 1150514