Resin maker Swancor Holding Co Ltd (上緯) yesterday said it expects sales to pick up in the first quarter of next year, supported by improving demand from its major Chinese client.
The company saw its net income for last quarter plunge 87 percent to NT$54 million (US$1.71 million) from the same period last year, while revenue dropped 53 percent to NT$1.3 billion.
Swancor attributed the fall to decreasing orders from its biggest client, Goldwind Science and Technology Co Ltd (金風科技), China’s largest wind turbine manufacturer.
Goldwind accounted for more than half of Swancor’s wind blade resin business last year, but that ratio dropped to nearly 20 percent last quarter.
Swancor is working on enhancing its products’ quality to meet Goldwin’s higher standards, it said.
“The worst is over,” Swancor chairman Robert Tsai (蔡朝陽) told an investors’ conference yesterday, adding that sales from Goldwind should return to normal levels in the first quarter.
As for its anti-corrosion material business, Tsai said Swancor continues to play a leading role in China, with sales expected to grow 10 percent next year.
A new anti-corrosion material factory in Jiangsu Province is to start mass production in the second quarter of next year, he added.
The resin maker is also stepping up efforts to tap into other material markets, with a carbon fiber composite joint-venture factory with Formosa Plastics Corp (台塑) commencing production in April.
The plant produces thermal plastic plates and prepreg carbon fiber that are widely used for making automobile components and wind turbines.
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