TAIPEI, Taiwan (BRAIN)—First quarter earnings were a mixed bag for Taiwan’s top manufacturers, according to figures released on the Taiwan Stock Exchange.
Merida, primary supplier to Specialized and the island’s second largest frame manufacturer, ended the first quarter up 13.5 percent with sales of NT$ 3.47 billion ($118.3 million), compared to NT$ 3.06 billion ($104 million) for the same time period last year. Merida started the year strong with January revenue increase of 27.65 percent, followed by a 1 percent rise in revenue in February and an 11 percent uptick in March.
Giant Manufacturing, Taiwan and the world’s largest manufacturer, ended the first quarter up 4.7 percent. For the first three months of the year, revenue was NT$ 4.62 billion ($157.3 million) compared with NT$ 4.4 billion ($150.2 million) the year before. Giant’s revenue rose 7 percent in January followed by a slight dip of 4.7 percent in February and bounced back with a 9 percent increase in March.
Ideal Bikes, supplier to Advanced Sports Inc.’s brands, as well as Cannondale, BMC and others, reported a first quarter decline of 5.4 percent, from NT$ 810.7 million ($27.6 million) for the first three months of 2010 to NT$ 766.9 million ($26.1 million) this year. January revenue fell 32 percent at Ideal, followed by a 9 percent increase in February and an 11 percent gain in March. These numbers take into account only operations in Taiwan and Ideal manufacturers an increasing portion of frames at its China and Poland facilities.
Kenda Rubber, maker of Kenda tires and tubes, reported first quarter revenue gains of nearly 25 percent at its two Taiwan factories. Revenue was up from NT$1.1 billion ($39.6 million) in the first quarter of 2010 to NT$ 1.4 billion ($49.4 million) during the same period this year. Kenda Rubber also operates four factories in China and one in Vietnam and makes tires and rubber for several other industries including auto, truck and industrial.
Note: Numbers take into account companies’ Taiwan operations only. All figures converted using the March 31, 2011 exchange rate of $1=NT$ 29.37.