Federal sales up 19.4% in quarter
TAIPEI, Taiwan-Federal Corp., enjoying strong overseas demand for its products, reported 19.4- and 18.3-percent growth in sales for the second quarter and first half, respectively.
In response to the rising demand, Federal is making ``incremental investments'' to expand capacity at its plants in Taiwan and China, the company said. Sales jumped to $25.7 million in the quarter and to $48.9 million in the half. Earnings were not disclosed.
``Even in a global economic slowdown, we continue to exceed our sales goals throughout the year,'' said Richard Huang, vice president sales and marketing.
In China, Federal has started volume production of Hero- and Maxon-brand tires at its new plant in Jiang-Xi.
Nokian income jumps in quarter
NOKIA, Finland-Nokian Tyres P.L.C.'s positive results in the second quarter-a 43.3-percent jump in net earnings on 14.5-percent better sales-leaves the firm ``well positioned to outperform the results of 2001 in terms of growth and profit,'' the company said..
Nokian said its annual result will depend largely on the second half of the year, when it fills orders for winter tires. The winter tire season in Europe is expected to be better than last year as heavy snowfalls last winter depleted dealers' stocks. Demand for winter tires is also expected to pick up in Russia and the U.S., the company said.
For the quarter ended June 30, Nokian reported earnings of $3.9 million on sales of $97.5 million as business in the manufacturing and retailing sectors both grew. For the half year, operating earnings grew 30 percent to $7.8 million as sales increased 12.6 percent to $174.2 million.