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Taiwan United Renewable Energy to Cut Workforce After Losses

Power News - Published on Thu, 11 Jul 2019

Image Source: Focus Taiwan
Taiwan’s largest solar energy company United Renewable Energy Co said that it will cut its workforce by 10% to 20% by the end of this year, particularly because of losses incurred by solar cell operations.

UREC was created through a merger of Neo Solar Power Corp., Gintech Energy Corp. and Solartech Energy Corp in October 2018 as part of the government's efforts to develop renewable energy, and is currently capitalized at about NTD 25.15 billion (USD 806 million).

The merger had previously been aimed at boosting the combined company's competitiveness by boosting production capacity, but the new manufacturer remained in the red, which forced management to streamline operations and shed losses through a reduction of employees, UREC said.

According to its annual report, UREC had a workforce of about 2,840 as of Feb. 28.

In the first quarter of this year, UREC posted NTD 0.26 in loss per share after NTD 1.53 in earnings per share in the fourth quarter of last year, when the company took advantage of its financial management to offset the impact resulting from the weakness of its solar cell operations.

Despite the earnings in the fourth quarter, the company still incurred NTD 0.34 in loss per share.

Source :

Posted By : Rabi Wangkhem on Thu, 11 Jul 2019
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