Global PMX Co Ltd (智伸科), a provider of precision machinery processing services, on Thursday reported that its revenue for last year rose to a record high of NT$4.05 billion (US$137.2 million), citing continued global demand for automotive components.
That figure translated into a 14.79 percent increase from NT$3.53 billion in 2016, the company said in a statement.
Last month alone, revenue increased 26.84 percent year-on-year from NT$315.44 million to NT$400.1 million, the highest level in the company’s history, it added.
The strong performance — which boosted the company’s shares to close up 5.23 percent at NT$171 yesterday — was mainly supported by the increasing revenue contribution of parts used in automotive components after the company secured orders for dual-clutch transmissions from US-based BorgWarner Inc, Chinese-language media reported.
Global PMX’s main products include high-pressure pumps and anti-lock braking, electronic stability control and gasoline direct-injection systems.
Sales generated by auto parts contributed 69.47 percent of the firm’s total revenue in the first three quarters of last year, compared with 64.29 percent in the same period a year earlier, company data showed.
The firm has yet to release its revenue and sales breakdown for the whole of last year.
In a bid to meet rising customer demand, Global PMX’s board last year approved a plan to spend NT$900 million to set up another subsidiary in China’s Zhejiang Province to manufacture components for clients in the automotive and medical equipment industries.
The existing unit in Zhejiang contributed nearly 57 percent of total sales, the New Taipei City-based company said.
Global PMX’s board plans to raise up to NT$1.5 billion through the issuance of three-year unsecured convertible bonds to fund ongoing expansion projects and repay bank loans, it added.
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
CROSS-STRAIT TENSIONS: The US company could switch orders from TSMC to alternative suppliers, but that would lower chip quality, CEO Jensen Huang said Nvidia Corp CEO Jensen Huang (黃仁勳), whose products have become the hottest commodity in the technology world, on Wednesday said that the scramble for a limited amount of supply has frustrated some customers and raised tensions. “The demand on it is so great, and everyone wants to be first and everyone wants to be most,” he told the audience at a Goldman Sachs Group Inc technology conference in San Francisco. “We probably have more emotional customers today. Deservedly so. It’s tense. We’re trying to do the best we can.” Huang’s company is experiencing strong demand for its latest generation of chips, called
GLOBAL ECONOMY: Policymakers have a choice of a small 25 basis-point cut or a bold cut of 50 basis points, which would help the labor market, but might reignite inflation The US Federal Reserve is gearing up to announce its first interest rate cut in more than four years on Wednesday, with policymakers expected to debate how big a move to make less than two months before the US presidential election. Senior officials at the US central bank including Fed Chairman Jerome Powell have in recent weeks indicated that a rate cut is coming this month, as inflation eases toward the bank’s long-term target of two percent, and the labor market continues to cool. The Fed, which has a dual mandate from the US Congress to act independently to ensure