The decline in consumer demand has severely affected the textile industry. The plunge in oil prices has led to increased inventory losses. The company's products are mainly exported, and the Taiwan dollar has continued to appreciate sharply against the US dollar, resulting in losses in the exchange rate of the Taiwan dollar.
Many of the above-mentioned unfavorable factors caused the company to lose NT$1.94 per share after tax in 2021. However, in the first quarter of 2021, revenue was NT$2.142 billion, which was converted to profit from NT$1.871 billion in the same period last year. After-tax net profit was NT$20 million.
In order to strengthen the business physique, today's shareholders' meeting of the company passed a capital reduction to make up for accumulated losses. Improve the financial structure and strengthen performance. This regular shareholders' meeting also resolves to handle a cash increase of within NT$3 billion at the same time, capital issuance of new shares plan.
The Everest Textile Co., Ltd has a innovation technology, leading the industry in new product research and development capabilities, continuously promoting high-tech smart manufacturing, successfully transforming smart factories, realizing the vision of Industry 4.0, making full use of Everest's 125 core technologies, quickly responding to market and consumer needs, and introducing Intelligent and anti-epidemic materials, integrate existing fabric design and post-processing core technologies, and then jump to the fields of biomedicine and industrial use, develop a series of innovative valve products, and quickly cut into the rapidly changing market.
In terms of sustainable development, the company pursues R&D and innovation with the use of resource productivity and environmentally friendly ecological design. It is committed to developing textiles that are harmless to humans and ecology. It continues to develop products with recyclable materials and green process technology, and strives to increase value advancement, In the future, we will continue to build ecological innovation and sustainable development capabilities, and fulfill corporate social responsibilities.
Looking forward to 2021, the COVID-19 vaccine has been mass-produced and started to be administered in various countries. The Monetary Fund (IMF) raised the growth rate of the global economy, and the world economy showed signs of recovery.The company is also cautiously optimistic about the outlook for 2021. We firmly believe that Everest Textile, under the comprehensive advantages of revolution, regional manufacturing globalization, and short-chainization, with the spirit of "diversity, integration, innovation, resilience, and sustainable development", will surely wipe out the haze and achieve operational performance.