Co-Tech February sales amounted to
NTD450 million,31% growth YoY
(March 5th, 2011 Taipei News) Co-Tech Copper Foil (Ticker 8358)
announced its February sales result which amounted to NTD450 million,
a -8.6% MoM and a over 31% growth on a YoY basis
The production sites maintained full operation during Chinese New
Year, despite of the market demand driven by sharp copper prices
increase, sales was impacted by a shorter working days in February ,
but still marked the highest February sales record .
Co-Tech Copper Foil (Ticker 8358) held its BOD meeting on February
25th and approved its financial results of 2010. Total sales amounted to
NTD5.79 billion, with a 69% growth on a YoY basis.
The average gross margin was 12.9% for 2010, gross profit grew 96%
compared to the previous year. Operating profit was NTD540 million
which is a 147% growth on a YoY basis. EPS was NTD2.4 , which is a
record high since its establishment in 1998.
Co-Tech is the only publicly listed ED copper foil maker in Taiwan,
its has two manufacturing sites in the Yulin Technology park with
a monthly capacity of 1,500 tons per month, capacity will be expanded to
1,650 ton per month in Q3 this year. Copper foil is one of the three
major raw materials required by PCB, it requires heavy capital
investment and extensive expansion time, a monthly 600 tons production
site requires more than NTD 3 billion capital investment and at least 2.5
years to complete. In the past ten years, there were no major expansion
in this industry, however, the industry is expected to grow due to
increased application for PCB, and also due to the demand for 3C and
EV batteries in the near future. The popularity of iphone and ipad
enormously drove the demand of these mobile devices which also drove
the requirement of thinner copper foil which Co-Tech is a major
producer and also a major beneficiary.
Co-Tech managed to survive from both the 2001 semiconductor crash
and the financial crisis in 2008 and proved itself as a reliable company
worth holding for a longer term.