Tainan Spinning to mete out dividend of NT$0.2 per share for 2002

Taipei, Ma 30, 2003 (CENS)--Tainan Spinning Co., Ltd., a main local manufacturer of various yarn listed on the Taiwan Stock Exchange, will distribute a cash dividend of NT$0.2 per share for its operation in 2002.

Tainan Spinning produces polyester filament yarn, blended yarn, draw textured yarn, polyester staple fiber, and other kinds of yarn. The company's shareholders, at their annual meeting held May 28, passed the dividend distribution and the 2002 financial report as follows: revenue of NT$10.9 billion, pretax profit of NT$750 million, and earnings per share of NT$0.5.

The company sets the ex-dividend date on July 4 and will distribute the cash dividend on August 8. On the other hand, the company plans to cancel a portion of its treasury stock so as to decrease its capital to NT$14.935 billion.

In light of a large loss from non-operating investment, Tainan Spinning will have conservative strategies for such investment this year, including active disposal of unsatisfactory non-operating investment projects. So far, the company enjoys steady return on investment in its subsidiary in Vietnam.