GEORGETOWN: Industrial fastener maker Chin Well Holdings
expects higher gross profit for the 2021 financial year (FY) ended June 30 2021, due to the surge in the price of wire rods.
“The gross profits should be higher because the price of wire rods, a key ingredient of fasteners, has shot up since last November due to the Australia-China trade war.
“We stocked up wire rods when the price was low. Now that the price of wire rods has increased, we have adjusted our selling price according to current market price to improve our margins,” group executive director Tsai Chia-ling (pic below) told StarBiz.
Chin Well Tsai Chia-ling
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