Elevator and escalator supplier Golden Friends Corp (GFC, 崇友實業) is positive about business this quarter, supported by new demand, as well as maintenance and replacement needs amid a property boom and a vibrant economy.
The Taipei-based company gave the upbeat assessment after posting a 21.27 percent increase in revenue for last quarter to a record NT$1.26 billion (US$45.54 million).
Golden Friends attributed the revenue growth to profit recognition from selling elevators to public housing projects in Taipei’s Neihu (內湖) and Nangang (南港) districts, as well as effective replacement promotion campaigns.
Photo: Lin Jing-hua, Taipei Times
Replacement business soared 36.63 percent year-on-year in the October-to-December period, while its maintenance arm served 38,845 elevators, it said in a statement.
The firm sells elevators and escalators under its own GFC and Genesis brands, and has been a contract maker for Japan’s Toshiba elevators and escalators.
The boom in the local property market has led developers to accelerate housing project construction and the process has benefited Golden Friends, it said, adding that strong elevator sales would shore up business at its maintenance division.
For the whole of last year, the company’s revenue grew 4.82 percent year-on-year to NT$4.61 billion, it said.
Looking forward, Golden Friends said that it would seek to expand its market share and customer base by developing high-speed elevators equipped with Internet of Things and facial recognition technologies.
Order visibility looks bright this quarter, as it has signed deals to supply elevators for luxury home projects and international tourist hotels in Taichung, it said.
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