Sinbon Electronics Co’s (信邦電子) operating performance last quarter and in the first three quarters of this year reached record highs, as increased sales of wind power cable assemblies and gains in nonoperating income helped offset the rising costs of imported connectors and larger operating expenses, the producer of cables, connectors and modems said on Friday.
Net profit in the third quarter rose 11.39 percent quarter-on-quarter and 27.74 percent year-on-year to NT$758 million (US$23.55 million), while net profit in the first three quarters increased 21.17 percent annually to NT$2.28 billion, the company said in a statement.
Earnings per share in the third quarter were NT$3.58 and totaled NT$9.71 in the first three quarters, both records for the company, which was established in 1989, Sinbon said.
Photo courtesy of Sinbon Electronics Co
Despite an increase in revenue, Sinbon’s gross margin in the third quarter decreased by 0.20 percentage points annually to 25.3 percent and in the first three quarters dropped 0.24 percentage points year-on-year to 25.53 percent.
The company attributed its lower gross margin to the depreciation of foreign currencies, which resulted in imported connectors costing more, as well as higher operating expenses caused by an increase in its labor force, and higher transportation and business development costs.
Sinbon’s products include medical and healthcare devices, automotive components, products used in industrial control applications, peripheral components for communications and electronic devices, cable assemblies for microinverters, alternating current power devices and wind power generators.
The company said that despite some uncertainty in the consumer market, it remains optimistic about demand for its products thanks to green energy, automation and electric vehicle trends.
Sinbon said it expects to achieve double-digit growth in revenue this year and next year.
The company has also expanded its business scope to electric vehicles, scooters and bicycles, and recently became involved in electric motorcycles after establishing a strategic partnership with Vancouver, Canada-based Damon Motors Inc on Oct. 16, Sinbon said.
Under the terms of the partnership, Sinbon is to provide its engineering services during the design and the manufacturing stages for the electrical components used in Damon’s line of motorcycles, it said.
“As Damon Motors’ high-performance motorcycles are one-tenth the weight of a typical motorcycle, Sinbon’s advanced manufacturing techniques will allow Damon to scale its designs in HyperSports with the highest quality capabilities and expertise available,” Sinbon said in the statement, referring to the Canadian firm’s high-performance, all-electric sport motorcycle models.
As “part of our Go Green campaign, Sinbon is committed to environmental sustainability by helping put more environmentally friendly products on our planet,” Sinbon global sales vice president Jesse Huang (黃文森) said. “We are very excited about our opportunity with Damon, arguably a green tech leader in the motorcycle industry.”
Sinbon also obtained Damon’s US$500,000 unsecured convertible bonds via a private placement, wants to deepen its relationship with the electric motorcycle maker, the company said in a regulatory filing on Friday.
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