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TKC Steel Corp. reported that its net income last
year surged on the back of higher sales volume and better management
of expenses.
Based on its annual report to the
Philippine Stock Exchange, the Tiu family-led steel company’s
profit grew by more than 10 times to P154 million year on year. Its
Philippine-based subsidiary, Treasure Steelworks Corp. (TSC) was the
main profit contributor, registering P226 million in earnings,
whereas its China-based Zhang Zhou Stronghold Steel Works Co. Ltd. (ZZS)
incurred a net loss of P51 million.
TKC sales last year jumped by 183
percent to P4.725 billion, allowing its gross profit margin to grow
3.6 times to P559 million year on year. TSC accounted for the bulk
of sales, generating P4.288 billion for a sales volume growth of 107
percent to 168.808 metric tons year on year.
The parent firm’s gross profit
margin also grew 3.5 times to P539 million from a year ago. ZZS
contributed P358-million worth of sales since it only started
commercial operations in June last year.
--Likha C. Cuevas-Miel
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