TAIPEI, Taiwan (Feb. 7, 2002)–Federal Corp., buoyed by a 38-percent jump in export sales, reported a 13.3-percent rise in parent company sales last year, to $89.4 million.
Included in the export sales increase was a 70-percent jump in sales in North America, to $20.1 million.
Earnings were slightly more than $9 million, Federal said.
Sales to domestic customers in Taiwan fell 12.1 percent during the year, Federal said. The results do not include sales from Federal's JFT operations in China, which in 2000 totaled more than $25 million.
Export sales rose to $53.7 million, or 60 percent of total sales worldwide. Federal attributed much of its export sales growth to higher-than-anticipated demand for its range of SS595 high performance tires.
Jiang-Xi, China-based JFT last year started volume production of passenger tires marketed under brand names of Maxon and Hero, Federal said.