Value-Added Tax Hurts Unisteel Profits
February 22
00:00
2008
Jason Sandefur
Unisteel Technology of Singapore reported revenue from its fastening and engineered components segment grew 9.6% to $204 million during 2007, driven by sustained demand from hard-disk drive related customers. However, profits were hurt by a weakening U.S. dollar, steel price hikes and a rise in the value-added tax levied on fastener exports by the group’s China subsidiaries, which increased from 4% to 12%.
Overall Unisteel revenue grew 18.7% to $274.8 million during the year, while profit fell 6.1% to $47.5 million. Web: unisteel.com.sg �2008 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment