TYC Brother Industrial Co (堤維西), which makes lighting products used in vehicles, yesterday said rising car sales in the US would help boost the company’s revenue to grow 20 percent to NT$20 billion (US$666.67 million) this year.
The company, which also produces indoor and outdoor lighting fixtures, said sales in the US would rise to 50 percent of TYC’s annual revenue this year, up from 40 percent of its revenue last year.
The Greater Tainan-based company will also invest US$1.03 million to increase its shares of Genera Corp, the exclusive distribution arm of TYC-brand automotive products in North America, to 57.15 percent from current 22.01 percent, chairman Wu Chun-chi (吳俊佶) said.
Genera registered revenue of US$190 million and profit of US$5.88 million last year, according to TYC.
From January through November last year, TYC reported revenue of NT$15.03 billion, up 8.94 percent from NT$13.8 billion a year ago, according to the company’s filing to the Taiwan Stock Exchange.
In the first three quarters of last year, the company posted profit of NT$161.49 million, or NT$0.52 per share, up from losses of NT$142.55 million, or minus NT$0.45 per share, a year ago, according to filing.
However, the company could post losses for the whole of last year after it agreed in December to jointly pay a US antitrust settlement of US$23 million, along with production concessions equivalent to US$2 million, to end the lawsuit brought by US auto parts maker Sabry Lee Inc in 2008.
Wu said TYC and Genera will split the costs of US$23 million.
“We are deeply sorry to our shareholders,” Wu said.
“As we were mired in the lawsuit, we were not able to generate much growth for the company,” he added
The company said it will strive to increase its profit to NT$2 per share this year.
Shares of TYC declined 0.28 percent to NT$17.5 yesterday, outperforming TAIEX, which was down 0.54 percent.