Feng Hsin pretax profit up 39.21% on global upturn

Posted on 09 October 2018

Source: Taipei Times

Feng Hsin Steel Co (豐興) on Friday said that pretax profit last month rose 39.21 percent annually to NT$303.16 million (US9.83 million) and consolidated revenue increased 57.23 percent to NT$2.48 billion.

The Taichung-based rebar maker’s operating profit reached NT$289.75 million, up from NT$146.05 million a year earlier, the company said in a filing with the Taiwan Stock Exchange and on its Web site.

Feng Hsin’s pretax earnings per share (EPS) were NT$0.05 last month, based on its 581.6 million shares.

The nation’s leading electric arc furnace steel producer did not elaborate on its unaudited results for last month.

The firm’s products include angle steel, channel steel, steel flats, steel bars, special steel, bar steel and steel rods.

The company benefited from robust demand amid a recovery in the global economy and higher scrap steel prices, as well as a low base of comparison last year, Jih Sun Securities Investment Consulting Co (日盛投顧) said.

Feng Hsin posted pretax profit of NT$931.97 million for the July-to-September quarter, up 56.13 percent from NT$596.93 million a year earlier, with pretax EPS of NT$1.62. Revenue rose 15.2 percent year-on-year to NT$7.82 billion.

Jih Sun had forecast third-quarter pretax profit of NT$829 million, or NT$1.43 per share, with revenue of NT$8.02 billion.

Feng Hsin’s cumulative pretax profit in the first nine months of this year reached NT$2.63 billion, or NT$4.5 per share, with total revenue of NT$22.79 billion, up 30.1 percent year-on-year.

With the arrival of a peak season and the completion of factory equipment maintenance, Feng Hsin is expected to see higher shipments this quarter, Jih Sun said, forecasting revenue to increase 15.14 percent annually to NT$8.31 billion this quarter, with pretax profit of NT$838 million, or NT$1.44 per share.

Shares in Feng Hsin on Friday fell 0.66 percent to NT$59.9 in Taipei trading.

They have increased 7.54 percent so far this year, Taiwan Stock Exchange data showed. 

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