China Fineblanking Technology Co (和勤精機), a manufacturer of metal stamping products, reported that revenue last month dropped as supply chain disruptions negatively affected clients’ orders, which also dragged first-quarter revenue to less than a year earlier.
The Changhua County-based company said that it expected revenue to climb in the coming months as shipments would return to normal seasonal patterns from this month, given anticipated orders from a major US electric vehicle brand and Chinese automakers.
However, the company said that it has growing concerns over end demand in the European and US markets, as the COVID-19 pandemic has dealt a significant blow to the global economy.
Revenue last month fell 7.21 percent year-on-year to NT$148.62 million (US$4.9 million), lowering the firm’s combined revenue in the first three months of this year by 1.54 percent to NT$418.81 million, the company said in an e-mailed statement on Wednesday.
“Due to the disruption caused by COVID-19, shipments in the first quarter were partially deferred to later dates, but they would return to the original growth trajectory from the second quarter,” the company said.
“As the pandemic has not been contained, we will continue to pay close attention to the developments related to the disease and take timely response measures,” it said.
China Fineblanking’s products consist of auto parts, which last month accounted for 60.91 percent of total revenue, and voice coil motor (VCM) plates for hard-disk drive applications, which contributed 35.78 percent.
Chinese automakers last month gradually resumed full production and their orders are predicted to return to normal levels this month, while shipments of electrical equipment bases and related components for the US electric vehicle brand are also expected to increase steadily in the second quarter, it said.
As for shipments of VCM plates, the virus outbreak could have a positive effect on the company, as the growing trends of remote working, online education and videoconferencing services would boost demand for cloud-based servers and data centers, China Fineblanking said.
The company’s board of directors has proposed distributing a cash dividend of NT$0.06 per share and a stock dividend of NT$0.48 per share, based on last year’s earnings per share of NT$0.26.
Net profit last year plunged 80.33 percent annually to NT$20.06 million and revenue dropped 14.7 percent to NT$2.09 billion, which the company attributed to declining vehicle sales in China and production adjustments at companies producing hard-disk drives.
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