KUALA LUMPUR, Malaysia (AP) - Malaysian auto parts manufacturer APM Automotive Holdings Bhd. aims to more than double its annual revenue to US$580 million in five years by building more plants overseas and boosting exports, a top executive said.
The target is in line with the company's vision of being a regional and global automotive component maker, APM's executive director Fun Woh Peng told Dow Jones Newswires in a recent interview.
''It's a stretched target, but we will strive to meet it,'' Fun said.
APM's revenue last year was US$260 million and it posted a net profit of US$17 million.
Fun said APM is currently looking at setting up more plants abroad to reduce its reliance on the local auto industry.
''At the moment, we are local-centric as 70 percent of our products are sold to the local original equipment market, while the remaining balance is sold to exports and the replacement markets,'' he said.
The company currently has plants in Vietnam, Indonesia and Australia and is exploring opportunities in Thailand, Fun said.
He said APM also needs to boost exports and to develop more high-end products.
''Currently, exports account for about 10 percent of our revenue, and it would be a good balance to raise it to 30 percent,'' he said. ''We sell to over 50 countries worldwide, but we see potential in the U.S., Europe, Australia and the Middle East.''
APM makes radiators, suspension systems, shock absorbers, air conditioning systems, wiper systems and condensers seats for carmakers such as Malaysia's Proton and Perodua, as well as Hyundai, Toyota and Nissan.
Elffie Chew is a correspondent of Dow Jones Newswires.