TAIPEI: Feng Hsin Iron and Steel Co yesterday reported that pretax net income last quarter gained 0.17 percent annually to NT$564 million, despite a 35 percent annual drop in sales to NT$564 million during the period.
The Taichung-based company said that earnings last quarter were propped up by stable prices for steel bars and beams. In light of a recent surge in material prices, clients further down the supply chain have been more willing to restock inventories, the company said. However, the company said that as clients finish restocking, continued demand would be required to stabilize prices.