Elevator maker Golden Friends Corp (崇友實業) and screw supplier Sheh Fung Screws Co (世豐螺絲) are cautiously optimistic about business this quarter and beyond, citing strong business growth potential from urban renewal projects, along with overseas expansion, despite economic uncertainty.
Golden Friends expects a healthy financial performance this quarter, driven by new elevator and escalator demand, replacement needs and maintenance services, the company said, adding that its current orders brighten its business outlook.
The company’s research and development capabilities, along with its innovative green technologies, are enhancing the comfort and safety of elevator use, and have helped it gain market share and brand value, it said.
Golden Friends reported a record NT$4.74 billion (US$156.09 million) in revenue for last year, up 2.92 percent from a year earlier, its data showed.
However, revenue for last month declined 16.82 percent from November to NT$380 million, as labor shortages forced some builders to postpone elevator installment, it said.
More than 1.3 million ping (4.29 million square meters) of new office buildings and urban renewal projects might be built in Taiwan in the next six years, suggesting great need for its products, Golden Friends said.
The company can service or replace GFC, Genesis and Toshiba elevators and escalators, and seeks customers using those brands, it said.
The company’s maintenance arm serviced more than 40,000 elevators last year, it said.
Meanwhile screw supplier Sheh Fung is seeking to boost its visibility overseas by taking part in trade shows and deepening its market penetration rates.
The firm filed NT$683 million in revenue for the October-to-December quarter, a 6.12 percent rise from three months earlier, corporate data showed.
Inventory restocking demand accounted for the revenue increase, the Kaohsiung-based company said.
New products are boosting sales in the US, where demand remains solid for hardware used in home improvement projects, Sheh Fung said in a statement.
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