Tongtai Machine & Tool Co., Ltd., a machine manufacturer in Taiwan, reported that its self-consolidated revenue was NT$811 million in December last year, up by 28% compared to the previous month but down by 0.3% from the year-ago level.

The cumulative revenue in the whole year of 2022 reached NT$8.269 billion, a year-on-year decrease of 14%.

The company said that the decrease in its 2022 revenue was due to the unresolved global inflation, the geopolitical and economic environment remaining tense and uncertain, the ongoing war between Russia and Ukraine, and the epidemic risk in China, all of which led to a global economic downturn and weak demand for end products.