Price of wire rods boosts Chin Well’s profit

According to Tsai, Europe is recovering and will contribute about around 30% to the group’s turnover in FY 2021 compared to 18% a year ago.

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.