Feng Tay Enterprises, one of the longest-tenured manufacturers of Nike footwear, reported manufacturing revenues increased 16.5 percent year-over-year in December to NT$7.7 billion, cycling against a mid-teens decline in the year-ago January period.
Feng Tay reports financials in the New Taiwan Dollar (NT$).
Analysts noted in recent reports that the market should not get too excited with the revenue decline in January 2023 or the increase in 2024 in China, Taiwan or Vietnam due to the shifting dates for Chinese New Year, a 16-day holiday in China that sees many workers from the outer provinces returning home from working in the coastal provinces where most factories operate.
In 2024, the Chinese New Year was on February 10. Last year, it was on January 22.
The thesis is that manufacturers pulled production into January in anticipation of the February slowdown in labor availability or factory shutdowns. February is expected to decline year-over-year due to the shift in Chinese New Year dates.
Sales dipped 1.7 percent in December 2023 after a 4.3 percent increase in November 2023. Full year 2023 revenues were down 10.6 percent to NT$85.77 billion.
The Taiwan-based company said that unaudited consolidated operating income was NT$646 million in January and consolidated net profit before tax of NT$933 million for the month.
Net profit attributable to owners of the parent company totaled NT$646 million. Earnings per share were NT$0.65 for the period.
Image courtesy Marcus Troy
