Teco Electric and Machinery Co (東元電機), one of Taiwan’s leading suppliers of electric motors, on Friday reported net profit of NT$1.44 billion (US$51.75 million) for last quarter, up 30.4 percent quarter-on-quarter, but down 2.84 percent year-on-year.
Earnings per share were NT$0.68, compared with NT$0.53 in the previous quarter, but down from NT$0.76 a year earlier, the company's financial statement showed.
While Teco’s profit fell from a year earlier, its sales continued to rise both quarterly and annually.
Photo courtesy of Teco Electric & Machinery Co
The financial statement showed that consolidated revenue was NT$13.49 billion in the second quarter, up 12.5 percent quarter-on-quarter and 20.02 percent year-on-year.
The company’s gross margin reached 27.78 percent last quarter, up from 26.6 percent in the first quarter and also hitting the highest since the 2008 global financial crisis, the company said.
Teco's net profit in the first half of the year reached NT$2.54 billion, up 31.8 percent from the NT$1.93 billion it made in the same period of last year.
Earnings per share were NT$1.21, up from the NT$0.99 in the first half of last year.
During the first six months of this year, consolidated revenue increased 16.3 percent year-on-year to NT$25.48 billion, with gross margin of 27.09 percent, up 1.3 percentage points from 25.79 percent a year earlier.
Looking ahead, the company plans to continue extending its reach in the electric vehicle (EV) market, where it expects significant growth and has set a target of NT$300 million for revenue from its EV-related products, the Central News Agency reported yesterday.
In the past few years, Teco has been producing “permanent magnet synchronous motors” (PMSM) which typically have a higher torque capacity and better torque utilization with faster acceleration and deceleration than traditional induction motors.
Teco’s new-generation high-performance powertrain is aimed at markets in the Asia-Pacific region, Southeast Asia, India and Europe, the CNA reported.
Featuring a modular design, Teco’s electric vehicle motor and motor controller consist of expandable modules with different powers, boasting high reliability and environmental endurance, the report said.
Applications include higher-grade passenger cars, sports utility vehicles and light-duty commercial cars, it said.
Teco said its PMSMs have been incorporated into Taiwan’s EV bus supply chain.
Its powertrain solutions are expected to be realized gradually sometime after the third quarter of this year.
The company’s Indian production facilities for EV powertrains are to be completed by the end of this year, with manufacturing to begin from January next year, the report added.
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