Tong Yang Industry Co (東陽實業), a maker of automotive plastics, sheet metal parts and cooling products, yesterday reported net profit last year was NT$3.904 billion (US$123.43 million), or earnings per share (EPS) of NT$6.43, the second-highest in the company’s history.
Tong Yang in 2024 posted record profit of NT$4.38 billion, or EPS of NT$7.4.
The company reported that pretax profit last month rose 3 percent year-on-year to NT$550 million, the sixth consecutive month of growth and a nine-month high.
Photo: Lin Jin-hua, Taipei
Excluding the effects of foreign-exchange volatility, the growth could have been 10 percent, the company said in a statement.
For the whole of last year, pretax profit decreased 13.3 percent from the previous year to NT$4.792 billion, or NT$7.87 per share, Tong Yang said.
The company attributed the decline in profit to foreign exchange volatility and US tariffs.
“Since April last year, with a 25 percent tariff under Section 232 [of the US Trade Expansion Act] on top of existing 2.5 percent tariffs, levies imposed on our products sold to the US have reached a staggering 27.5 percent — compared with only 15 percent for Japan, South Korea and the EU, posing a significant challenge to our business,” Tong Yang said in the statement.
“Despite drastic changes in the external environment, such as tariffs and foreign-exchange rates, the company still delivered impressive results over the year,” it said.
Consolidated revenue last year fell 1.97 percent to NT$25.093 billion, but was still the second-highest in the company’s history, following record revenue of NT$25.596 billion a year earlier, company data showed.
Tong Yang supplies auto components for global brands through original equipment manufacturing or aftermarket (AM) channels. The company operates 25 sites worldwide, including in Taiwan, China, the US and Italy.
Winter storms in North America have led to a surge in demand for AM automobile components and Tong Yang’s North American customers have been actively placing orders, which is expected to further boost the company’s aftermarket parts business, analysts said.
“We expect robust demand for AM parts given higher possibility of collisions under extreme weather in late 2025, and a longer vehicle average age of 12.6 years in the US,” Yuanta Securities Investment Consulting Co (元大投顧) said in a note.
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