Shanghai Prime Machinery, a top mainland precision industrial parts and components manufacturer, enjoyed stable growth in its core businesses despite the adverse economic climate.
Among the challenges were the rapid rise and subsequent fall of raw material costs, a cut in the export tax rebate and increasing labour costs last year, but the group implemented several key measures to expand markets and sales, manage cash flow and mitigate exchange losses.
'These measures withstood multiple and complicated challenges and hardships faced by the group in 2008,' said Hu Kang, president and executive director of the company.
Last year, the Shanghai-based machine manufacturer's revenue was 3.25 billion yuan (HK$3.69 billion), an increase of 12 per cent compared with 2.9 billion yuan in 2007. The profit attributable to shareholders was 241 million yuan.
The group is involved in the design and sale of four core businesses - turbine blades, precision bearings, numerical control machine cutting tools and fasteners.
Turnover in the turbine blade business last year was 797 million yuan, which was the highest increase - 24 per cent - over 2007, among the other core businesses.