Business news :Feng Tay Saw After-tax Earning Rise 35.3% YoY to NT$ 644 Million in First Half

Taipei, Aug. 29, 2012(CENS) - Feng Tay group, the No. 2 footwear maker in Taiwan, recently posted its first-half financial report that the firm raked in after-tax net profits of about NT$ 644 million (US$ 21.46 million), with a sizable surge of 35.3% year on year (YoY); and its earning per share (EPS) reached NT$ 1.2 (US$ 0.04), increasing from NT$ 0.89 (US$ 0.0296) in the first half of last year.

The firm declared that its investment income at equity in the first half reached NT$ 502 million (US$ 16.7 million), soaring from NT$ 182 million (US$ 6.06 million) during the same period of last year.

According to Feng Tay, the first-half investment incomes including the profits of plants in the mainland China and India from its oversea subsidiary, Growth-Link Overseas (GLO), reached NT$463 million (US$ 15.43 million), up from NT$ 206 million (US$ 6.86 million) YoY.

Of all Feng Tay’s footwear shipments, 53% came from production of Vietnamese plant, following by plants in mainland China, Indonesia, and India, with 22%, 16% and 9%, respectively. L.Q. Chen, assisting manager of Feng Tay, indicated that with the improvement of Indonesian factory’s management in the second quarter, the firm posted the investment income of Indonesian plant reaching about NT$ 36 million (US$ 1.2 million) in the first half; therefore, its combined operating gross profit margin hit 18%, increasing from 15% YoY.

Besides, with the lower prices of raw materials and rising unit price of footwear in the second quarter, Feng Tay raked in the pre-tax net profits of NT$ 779 million (US$ 25.96 million), soaring 42.05% YoY.

The firm’s total footwear output reached 31.72 million pairs in the first half, dropping 6% from a year earlier; meanwhile, the total sales amounts of footwear totaled 32.67 million pairs, with a decline of 3.2% YoY.

(by Renee Chen)

About Feng Tay :
Feng Tay Enterprises Co. Ltd. primarily engages in the design, manufacture, and sale of canvas and leather athletic shoes in Taiwan and internationally. The company also offers ice and inline skates, ski boots, casual shoes, and snow boots. In addition, it engages in retailing women’s shoes; and offers golf balls. The company was founded in 1971 and is headquartered in Douliou City, Taiwan.