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.