Tong Yang Reports Good Results for Nov.

Taipei, Dec. 19, 2011 (CENS)--Tong Yang Industrial Co., Ltd., the largest auto-parts manufacturing conglomerate in Taiwan, announced lucrative results for its operation in the first 11 months.

The group reported pre-tax earnings for November at NT$130 million (US$4.3 million), up 6.2% year-on-year (YoY); and pre-tax earnings for the first 11 months at NT$1.32 billion (US$43.9 million), translating into earnings per share (EPS) of NT$2.39 (US$0.08).

In the first 10 months, Tong Yang's reinvested businesses in China reported total revenue of NT$11.16 billion (US$371.9 million), generating pre-tax earnings of NT$977 million (US$32.6 million).

Tong Yang claimed that its sheet-metal production expansion project has been completed, which is expected to further boost the company's shipments in the fourth quarter.

Raymond Wu, vice chairman of Tong Yang, pointed out that the fourth quarter is the traditional high season, when importers usually aggressively prepare to fill their stocks.

In China, Tong Yang's new auto-parts electro-plating plant in Hubei Province has passed related environment evaluations by the government. The new facility is capitalized at US$8 million and has a planned annual capacity of some 450,000 sets of parts. Tong Yang's Hubei factory is the group's 18th factory (self-owned or joint-venture) in China, which will supply auto parts to some Chinese automakers such as Dongfeng, GAIG Mitsubishi, and Chengzhou Nissan etc. Dongfeng is currently the second-largest automobile conglomerate in China, selling 1.72 million cars in the first half.

In addition, Tong Yang's another Chinese joint venture, the Changchun Faway Tongyang Automobile Plastics Components Co., Ltd., has won orders from FAW Volkswagen for bumpers and other system modules for Volkswagen Golf A7 and Audi A3 etc. models. The new venture is scheduled to begin mass production in August, 2013 with initial annual capacity of about 300,000 unit/set.