HONG KONG, Jan 25, 2021 - (ACN Newswire) - Despite the negative impact of COVID-19 on the global economic growth in the past year, the Group obtained solid financial performance.
The Group has set up a "Strategic Business Development Task Force", to formulate long-term business strategies for the Group, its main responsibilities are to formulate long-term business strategies for the Group, accelerate the development of new markets and strategic customers for both cable assembly and networking cables business.
The Group has gained trial orders from a new prestigious customer for industrial equipment products in March 2020, which has become one of the Group's major revenue contributors in this sector.
The Group has successfully acquired Linkz Cables Limited and its subsidiaries on 30 June 2020, which will help to broaden the Group's revenue base and mitigate its risk of customer concentration by merging with the diverse customer base of Linkz.
The Group's wholly-owned subsidiary Linkz Industries (Suzhou) Limited has achieved ISO14064 accreditation on environmental control in July 2020, being the first wire and cable company in Asia to receive the Greenhouse Gas verification from Underwriters Laboratories Inc. The verification has fully reflected Linkz Ind (Suzhou)'s unremitting efforts in strengthening environmental protection.
The Group issued POSITIVE PROFIT ALERT on 19 Oct 2020.
The Group has kept enhancing business operations to capitalise on an eventual market turnaround. With Linkz's technical know-how in the next-generation networking cables, the Group is in a better position to capture the evolving opportunities brought by the rapid development of 5G technology, and strategically improves the Group's defence position amid the global economic uncertainties.
2020 Annual General Meeting
The Group held its Annual General Meeting on 28 August 2020. Due to the pandemic, it was held through a live broadcast in TIME's office. This was the first time the Group has used hybrid meeting.
2020/2021 Interim Results
The Group reported its interim results for the six months ended 30 September 2020, with a revenue of HK$1,441.7 million. Its gross profit has climbed to HK$303.8 million, representing a y-o-y increase of 8.0%. Operating profit was up to HK$190.2 million, representing a y-o-y increase of 15.0%, with the operating profit margin improved 2.3% to 13.2%. The Group's basic earnings per share was HK7.1 cents.
Topic: Press release summary
Source: TIME Interconnect Technology Limited
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.