Local textile giant Far Eastern New Century held its shareholders' meeting today. Douglas Hsu, chairman of the Far Eastern Group clarified on June 30, that he is not against the government for raising electricity prices, but he hoped that the increase can be moderated.
Local textile giant Far Eastern New Century, a subsidiary of the Far Eastern Group, held its shareholders' meeting on the 30th. Everyone is concerned about how much impact the 15 percent increase in industrial electricity price will have on the traditional textile industry?
Johnny Hsi, Vice Chairperson, Far Eastern New Century: “It would not be fair if we pass on the rising electricity costs to our customers. Even if you increase the price, the company will still lose NT$100 billion. There is expected to be a second increase in electricity prices, which will be an issue for manufacturers' competitiveness.”
FENC Vice Chairperson Johnny Hsi, revealed at the shareholders' meeting that this wave of electricity price increases would take several years to recover. On the other hand, FENC Chairperson Douglas Hsu emphasized that he does not oppose raising electricity prices. He isn't criticizing the government, but he hopes the price increase will not be too drastic.
Douglas Hsu, Chairperson, Far Eastern New Century: “Wow, the government dares to raise electricity prices by 15 percent. I'm not complaining or criticizing. We are not against rising electricity prices either. What we are asking is for a moderated increase instead.”
Hsu hopes the government will be more transparent and communicate with industries more prior to raising prices again at September's electricity price review committee. Hsu also believed that the electricity price should be raised for everyone and not just target large electricity users.