TCC Group Holdings Co., Ltd. reported a net loss of NT$9.2 billion ($288 million) for the first nine months of 2024, equivalent to a loss of NT$1.28 per share, following a fire at its battery subsidiary’s Kaohsiung facility in July.
The cement manufacturer attributed the losses primarily to asset and inventory damage at Sanyuan Energy Technology’s plant. Third-quarter losses alone reached NT$10.2 billion ($319 million), or NT$1.36 per share. Excluding the fire-related charges, the company said operating profit for the quarter would have totaled approximately NT$3 billion ($94 million), comparable to year-earlier levels.
Third-quarter revenue fell 4.9% to NT$39 billion ($1.2 billion) from a year earlier but rose 10.5% from the second quarter. Nine-month revenue climbed 3.6% to NT$109.4 billion ($3.4 billion).
TCC maintained the incident hasn’t materially affected cash flow or long-term operations. The company expects NT$2.27 billion ($71 million) in insurance recoveries by year-end after insurers and third-party assessors completed site inspections.
The board approved a NT$2.85 billion ($89 million) capital increase for subsidiary Taiwan Cement Energy Storage Technology and authorized unsecured corporate bond issuance of up to NT$20 billion ($625 million).
