Thursday, May 29, 2014

AAPICO Hitech lowers performance expectations


AAPICO Hitech, an original equipment manufacturer (OEM) of automotive parts, which previously forecast revenue growth of 5 per cent this year, now expects it to decline by 10-15 per cent, while profit will also be lower because of the sluggish economy.

However, it says it hopes the economy will improve in the second half of this year under the administration of the military-run National Council for Peace and Order.

The Thai automotive industry this year was adversely affected by various factors such as the weak domestic economy and political instability, which hurt the confidence of foreign carmakers that rely on Thailand as a manufacturing base. Hence many local parts manufacturers expect production outputs this year to fall short of targets. 

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