Sumeeko Industries Co Ltd (世德工業), which makes fasteners for cars, said yesterday that its revenue would rise 30 percent this year annually on the back of strong demand from Japanese, US and European clients.
From January through last month, the company reported a revenue increase of 27 percent to NT$404.78 million (US$13.4 million), from NT$318.73 million a year ago, according to the company’s filing to the Taiwan Stock Exchange.
The revenue growth was because of strong sales of Volkswagen cars around the world and rising orders from Nissan Motor (Thailand) Co, Sumeeko president Alex Chen (陳光裕) said yesterday.
Starting next quarter, the company will distribute parts for car structures to General Motors Co, with the deal expected to increase Sumeeko’s revenue by US$3 million a year, Chen said.
The order is expected to raise Sumeeko’s gross margin to more than 30.42 percent for last quarter, Chen said.
Meanwhile, the company is also in talks with General Motors for another deal worth US$2 million a year to supply parts that help reduce static electricity in cars, Chen said, adding that he expected the deal to be finalized at the end of the year.
Last quarter, the company posted a net profit of NT$59.43 million, or NT$1.75 per share, up 92.89 percent from NT$30.81 million, or NT$1.03 per share, in the same period of last year, according to the company’s filing.
The firm aims to earn NT$7 per share in profit this year, it said.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film
RSS