Securities house losses sap SinoPac Financial incomeBy Crystal Hsu / Staff reporterSinoPac Financial Holdings Co (永豐金控) on Wednesday posted NT$803 million (US$27.14 million) in net income for last month, after its securities house swung into loss and snapped the group’s record of being the only profitable player in Taiwan by measure of year-on-year financial results. As of April, SinoPac Financial was the only financial company with positive earnings growth compared with a year earlier, as unrealized asset losses plagued peers, it said. SinoPac Financial Holdings Co’s headquarters in Taipei is pictured on Aug. 2 last year. Photo: Kelson Wang, Taipei TimesThat status came to an end last month after its securities arm, SinoPac Securities Co (永豐金證券), incurred NT$136 million in net losses, although main subsidiary Bank SinoPac (永豐銀行) held strong with NT$1.26 billion in net income. SinoPac Financial would press ahead with downsizing plans that cut its number of affiliated companies from 37 in 2017 to 21 in March this year, it added.
