News Column

SEYI SHIEH YIH MACHINERY Announces First Quarter Results

May 27, 2014

By a News Reporter-Staff News Editor at China Weekly News -- SEYI (SHIEH YIH MACHINERY INDUSTRY CO., LTD) (4533 TT), one of the world's leading producers of mechanical presses, announced financial results for its first quarter ended March 31, 2014.

The company reported that Net Sales Revenue of TWD 967.2 million (US$ 32.24 million) during the quarter was 15% higher than Net Sales Revenue of TWD 846.5 million (US$ 28.5 million) reported for the first quarter of 2013. The Sales increase in the China market was comparatively strong, with 24% growth versus a 10% increase in overseas markets.

Due primarily to higher sales of large presses, Operating Income increased by 35% during the quarter. SEYI's Gross Margin in Taiwan increased to 31% from 29% in the year earlier quarter, and represents a record high in recent years.

Net Income of TWD 67.1 million (US$ 2.2 million) represented a 10% increase from the TWD 60.9 million (US$ 2.0 million) earned during the first quarter of 2013. Earnings Per Share, before currency translation and other adjustments, was TWD 0.48 for the quarter versus TWD 0.43 in 2013.

"SEYI's strong performance in the first quarter, as well as the orders that SEYI China has received, are very gratifying because they demonstrate that our strategy of shifting the company's product mix to higher profit, large tonnage presses is the right one," Ms. Claire Kuo, Chairman and Chief Executive Officer, said.

After winning the Taiwan Excellence Award, SEYI SD2 Servo Press won an Award of Eminence in Other NC Machine Tools, the "Taiwan Machine Tools Industry Award 2013 for Excellence in Research and Innovation." SEYI is the only winner among press machine manufacturers.

"SEYI's SM1 series products have been honored with the Taiwan Excellence Silver Award, demonstrating that the quality and technology of SEYI's products are recognized by customers, as well as by government authorities. The first quarter was a good beginning for 2014, and we are looking forward to a prosperous year." Ms. Kuo commented.

Keywords for this news article include: Asia, China, Shieh Yih Macinery Industry CO. Ltd.

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Source: China Weekly News

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