New Hoong Fatt eyes regional automotive market

KUALA LUMPUR: Automotive replacement parts manufacturer New Hoong Fatt Holdings Bhd (NHF) plans to capitalise on the growing automotive market, especially in the neighbouring region. Managing Director Chin Jit Sin said the group would intensify its focus on overseas expansion.
"Since
the implementation of the Asean Free Trade Agreement (AFTA) in 2010,
the group has widened its market reach and seen its export revenue
increase steadily year-on-year over the last five years," he told
reporters at the NHF Annual General Meeting here today.
In 2011, the group recorded export revenue of RM65.1 million, a 26.1 per cent increase from RM51.8 million in 2010.
"We
remain committed to grow our market share in Asean countries by
establishing ourselves in several countries in the region and have
secured a notable position in the international automotive replacement
parts market," he said.
NHF set up two overseas subsidiaries in 2011 PT NHF Auto Supplies in Indonesia and Ampire Auto Parts (Shanghai) Co Ltd in China to capture international markets.
On
the local front, NHF's branch in Gombak will be consolidated with the
Segambut branch this month. Its Segambut warehouse is being expanded to
include a RM7 million double-storey warehouse, expected to be completed
at the end of 2012.
In 2011 the group recorded revenues of
RM215.6 million, down 3.1 per cent from RM222.5 million in 2010, but
export revenues increased 26.1 per cent. - BERNAMA