KUALA LUMPUR (Dec 22): Automotive replacement parts manufacturer New Hoong Fatt Holdings Bhd (NHF) is seeking to grow its exports revenue further in 2018.

Based on the group’s financial performance in the first three quarters of the year, NHF managing director Chin Jit Sin said it is on track to maintain its steady growth.

“For the nine months ended Sept 30, 2017, the group generated an export revenue of RM99.3 million, an increase of 14% from RM87 million in the corresponding period of the preceding year.

“Currently, the export segment represents 53% of the group’s consolidated revenue. Barring any significant unforeseen circumstances, we remain upbeat that we are on the right track to grow the export revenue further,” Chin said in a statement today.

He said NHF is gearing up to broaden its foothold in the automotive aftermarket worldwide, by focusing on both distribution network expansion and product diversification.

The group, through its wholly-owned subsidiaries Auto Global Parts Industries Sdn Bhd and Ampire Auto Parts (Shanghai) Co Ltd, had participated in the 2017 Automechanika Shanghai trade fair in the Chinese city from Nov 29 to Dec 2.

“Every year, the event attracts a large number of visitors from around the world and that is why the participation in Automechanika Shanghai has been fixed in the group’s annual calendar of events.

“From this year’s event alone, we managed to establish 110 new leads from 39 countries, which will hopefully help us continue paving the way for the group’s global expansion,” Chin said.

Automechanika — which is acclaimed as Asia’s largest trade fair for the automotive parts, accessories, equipment and services industries, with 6,051 exhibitors from 40 countries participating in its 13th edition in Shanghai — is also an ideal place to learn from the market and explore business opportunities in the automotive industry, he added.

“It is important that we stay abreast of the current developments in this fast-changing industry, to remain competitive. In an effort to diversify our product range, we also took the opportunity to source for suppliers of related automotive products,” Chin said.

The group is cautiously optimistic of the overall outlook of the automotive aftermarket industry for year 2018, Chin said.

“We foresee that the operating environment will remain challenging, particularly on the rising cost of doing business.

“The group will remain focused on driving cost efficiency programs and improving operational efficiency to further enhance our competitiveness in the market.

“While maintaining our focus on optimising current operations, we are committed to increase our revenue from both global and domestic markets, through extensive market and product expansion,” Chin added.