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Formosa International profit rises on F&B sales
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FIH aims to continue tapping takeout business as consumers have changed
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Taiwan Business TOPICS
With no end to the pandemic yet in sight, it may take years for the travel industry to fully recover. In the short term, the leisure market has the best prospects.
As Taiwan faces a difficult coronavirus outbreak, imagining the future of travel in the country is a challenge. After all, besides containing the outbreak, the government is also focused on helping travel businesses survive this difficult period.
Looking ahead is crucial to the industry’s future prospects, though. The pause in international arrivals gives Taiwan a chance to rethink its tourism strategy, which has focused in recent years on maximizing the number of visitors. In 2019, a record 11.84 million people visited Taiwan, up 7% year-on-year. The vast majority were leisure travelers, who spend less than those who travel for business purposes.
Formosa International Hotels Corp (FIH, 晶華國際酒店集團) yesterday said that its board had approved plans to sell all its shares in Domino’s Taiwan to Australia-listed fast-food operator Dominio’s Pizza Enterprises Ltd for US$61.2 million.
The deal, scheduled to be completed in 90 days, would give FIH the financial means to stay competitive and safeguard the interest of employees and shareholders as the hospitality industry at home and abroad is hit hard by the COVID-19 pandemic, the Taipei-based company said.
Domino’s Taiwan operates 157 corporate and franchised stores, and is the second-largest pizza chain in Taiwan.
The local pizza chain generated a net profit
TAIEX plunges amid COVID-19 surge - Taipei Times
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