TAIPEI (Taiwan News) – The Taiwan Power Corporation (Taipower, 台電) is not just the only major state-owned company losing money, but it has also seen its losses escalate over the past year, the Central News Agency reported Wednesday (July 17).

According to the company’s website, it lost NT$29.7 billion (US$955 million) during the first half of the year, or NT$5.7 billion more than the NT$24 billion (US$771 million) registered for the same period in 2018.

A spokesman blamed the negative trend on a combination of factors, including rising fuel prices and government anti-pollution measures which made the production of energy more expensive. In addition, electricity prices only rose once last year, by 3 percent, while they remained frozen this year, Taipower said.

Looking ahead to the second half of 2019, the company was expecting its situation to ameliorate due to summer rates for electricity, according to CNA.

In contrast, oil concern CPC Corporation, Taiwan, made NT$28.3 billion (US$910 million) in pre-tax profits during the first half of the year amid relatively stable international oil prices.

Another example of a profitable state-run company was the Taiwan Sugar Corporation, which made money through income from land and by selling off its retail chain to Carrefour, CNA reported.