InnoTek had released their 1H'17 results on 12th August, which you may find here.
This is my first results review for InnoTek since my initiation (here). Unfortunately, InnoTek had performed below my expectations and reported disappointing results.
Overview
Year-on-Year comparison
Source: InnoTek Press Release |
Revenue for 2Q'17 slid 3.2%. Gross margins was marginally weaker by 1%. Net Profit and earnings per share were both hammered, falling almost 77%. To top if off, 2Q'17 was a quarter of negative cash flow, although InnoTek did generate positive free cash flow of S$0.8M for 1H'17.
The decline was driven by lower demand for office automation and consumer products, as well as lower value for the end-of-life cycle contracts of current automotive programs.
The silver lining in InnoTek's results lies in the fact that "other income" and "other expenses" had contributed to a combined S$1.3M more income in 2Q'16 ...
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