HOT MARKET:The revenue generated by its Chinese subsidiary is expected to contribute 60 percent of the firm’s total sales by the end of the year, an official said
Date: May 02, 2017
By: Kuo Chia-erh / Staff reporter
Auto parts supplier Tsang Yow Industrial Co (倉佑實業) yesterday said that it expects its revenue this quarter to grow more than 20 percent year-on-year, fueled by the fast-growing vehicle market in China.
The company, which mainly makes automotive powertrain components, posted record-high sales of NT$813.8 million (US$26.93 million) in the first quarter, a surge of 29.11 percent from the same period last year, a company filing with the Taiwan Stock Exchange showed.
Tsang Yow’s sales growth momentum is likely to extend into this quarter, thanks to optimistic sentiment in China’s auto market, a company official said by telephone yesterday.
In the first quarter, vehicle sales in China grew 7 percent on an annual basis to 7 million units, the China Association of Automobile Manufacturers said.