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.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The