SEYI (SHIEH YIH MACHINERY) Reports Second Quarter Results

TAIPEI, Aug. 24, 2015 /PRNewswire/ -- SEYI (SHIEH YIH MACHINERY) (4533 TT), one of the world's leading producers of mechanical presses, released its audited financial results for the Second Quarter and Six Months Ended June 30, 2015.

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For the Second Quarter of 2015, SEYI posted sales of TWD 1,217.9 million (US$ 38.0 million), a 9% increase over sales recorded during the same period last year. The strong showing during the quarter was not enough to offset sluggish first quarter sales. As a result, sales for the first six months of 2015 ended 15% lower than the previous year. For the first half of the year, SEYI reported Net Sales of TWD 1,768.5 million (US$ 55.2 million), compared to TWD 2,087.4 million (US$ 65.1 million) recorded in the same period last year.

Net Profit Before Tax increased by 5% to TWD 83.2 million (US$ 2.6 million) during the Second Quarter, compared to TWD 79.5 million (US$ 2.5 million) last year. Due to higher income tax expense, Net Profit of TWD 60.4 million (US$ 1.9 million) was 8% lower than Net Profit of TWD 65.5 million (US$ 2.0 million) during the second quarter of 2014.

Following sluggish First Quarter results, Net Profit for the Six Months Ended June 30, 2015 was TWD 68.9 million (US$ 2.1 million), compared to TWD 132.6 million (US$ 4.1 million) during the same period in 2014. Earnings Per Share of TWD 0.45 during the first six months of 2015 compared to TWD 0.94 last year.

Large tonnage presses sales has made up more than 50% of SEYI's revenue; moreover, SEYI has firmly established the position in the global automotive supply chain. Leading automotive OEMs as well as a number of the global Tier 1 and Tier 2 auto suppliers are now among the company's key customers.

"We are very pleased with our continued penetration of the automotive industry," Ms. Claire Kuo, Chairman and Chief Executive Officer, said. "Increasing our sales to the global auto industry, where vehicle sales are expected to surpass 100 million units in the coming years, has been one of SEYI's key objectives," Ms. Kuo added.   

Note: TWD 32.06 to US$ 1.00

About SEYI

Founded in 1962, SEYI has established a global leadership position in the metal forming industry over the past 50 years. SEYI manufactures mechanical presses, ranging in size from 25 to 4000 tons, at facilities located in Taiwan and mainland China.

SEYI is expanding its Total Solution Service emphasizing peripherals such as feed mechanisms, transfer equipment and other ancillaries to maximize SEYI press productivity. SEYI's servo presses are highly-integrated, exquisitely designed, durable, smart, energy efficient and environmentally friendly presses that feature the latest user-friendly interfaces, safe system designs and robust machine structures. The stylish exterior designs of SEYI's presses differentiate them in the market and communicate their quality and value.

SEYI's products are sold to customers in over 40 countries around the world and have received numerous quality and industry awards. SEYI has supplied the world's leading car companies in the automobile industry. The auto, aviation machinery and medical equipment industries are expected to be future areas of growth.

The Company completed an initial public offering of its common stock in 2002 and is traded on the Taiwanese OTC (4533 TT) market.

SOURCE SHIEH YIH MACHINERY Company