CPDC shareholders approve no dividend, greenlight Core Pacific Plaza land disposal

(CNA, Taipei, 22nd) China Petrochemical Development Corporation (CPDC) held its annual general meeting today and passed a resolution not to distribute dividends. Additionally, CPDC approved the land disposal plan for its subsidiary, Ding Yue Development, officially launching the sale of the Core Pacific Plaza land. Affected by headwinds in the petrochemical industry, CPDC's consolidated revenue last year was NT$19.217 billion, a 34.7% year-on-year decrease. The company reported a net loss of NT$2.966 billion attributable to the parent company, swinging from a profit in 2024, with a net loss per share of NT$0.78. Considering the operating losses, the meeting decided to retain operating capital flexibility. CPDC General Manager Chen Ying-chun stated that the company was impacted by global oversupply, capacity expansion in mainland China, and reciprocal tariffs from the U.S., leading to a decline in product prices. Chairman Chen Rui-long emphasized that to enhance overall operational efficiency and competitiveness, the company will continue to promote the dual strategy of petrochemical business transformation and land asset revitalization.