Baking oil manufacturer Namchow Holdings Co Ltd (南僑投資控股) yesterday reported an unaudited net profit of NT$92.11 million (US$3.32 million) for last month, up from the previous month’s NT$57 million, but down from NT$104 million a year earlier.
The firm — which also manufactures a wide range of products including frozen dough, noodles, ice cream and dish soap — blamed the annual decline in net profit on it receiving less investment gains from its Shanghai subsidiary, Namchow Food Group (Shanghai) Co (上海南僑食品集團).
Earnings per share (EPS) were NT$0.42 last month, while revenue grew 2.24 percent annually to NT$1.66 billion, the company said.
Photo: Amy Yang, Taipei Times
Cumulative net profit in the first eight months of this year rose 42.96 percent annually to NT$688 million, with EPS of NT$2.77, while consolidated revenue increased 16.76 percent year-on-year to NT$12.74 billion over the period, company data showed.
Analysts said the company’s Taiwan business would continue to recover steadily this month as the COVID-19 situation in the nation has generally been brought under control and the baking industry entered its peak season ahead of the Mid-Autumn Festival.
The company’s China business would still benefit from stable sales of baking oil products and frozen foods, while its production of packaged foods, baked rusks and rice crackers for babies in Thailand would continue to steadily contribute to sales, analysts said.
China remains the largest market for Namchow, accounting for about 60 percent of its sales last year, followed by Taiwan at 24 percent, New Zealand and Australia at 6 percent, the US at 4 percent, Europe at 3 percent and Thailand at 1 percent, the company’s annual report for shareholders showed.
Namchow shares fell 0.72 percent to close at NT$48.45 in Taipei trading on Friday.
They have increased 3.09 percent so far this year, underperforming the broader market’s 17.27 percent rise over the period.
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