KUALA LUMPUR: Cookware and convex mirror manufacturer Ni Hsin Resources Bhd sees an additional profit of RM2.7mil in the financial year ending Dec 31, 2008 (FY08) with its acquisition of the remaining 49% equity interest in Ever-Grow Advanced Materials Sdn Bhd.
“We target to increase the turnover of our cookware division in Ever-Grow to 20% to 30% from the current 15% within two years,” managing director Hsiao Chih Jen told reporters after the company’s EGM yesterday.
Hsiao said he was confident that its convex mirror division would contribute about 25% to 30% to group revenue in FY08 from about 10% in FY07 as “we are the only manufacturer for stainless steel convex mirrors in Asia.”
About 95% of its products are exported to South Korea and Japan.
Wholly-owned subsidiary Ni Hsin Corp Sdn Bhd, which operates the convex mirror division, would introduce its new concept store, “Buffalo Lifestyle Corner”, in Malaysia next month, he said, adding that the store had already been launched in Taiwan, Hong Kong, China and the US.
He said Ni Hsin would concentrate on the local Malay market through government co-operatives and by appointing more bumiputras in its marketing division.
The local market contributes about 12% of total turnover.
“We plan to venture into the Middle East next year as it is a good market for high-end products,” Hsiao said.
There were also plans to expand the market to Vietnam, the Philippines and Indonesia through joint ventures or distributors, he said, adding that it would also boost its exports to Japan.
“We are ready to transfer to the main board as we have strategised our marketing and production plans, and have new strategies in the pipeline,” he said.