Highway Holdings Limited announced on Thursday that there was a significant improvement in their third-quarter revenues and profit.
The net sales for the third quarter experienced a 60% increase, reaching $4.1 million as compared to the $2.6 million of the same period in the previous year. Similarly, the net income for the third quarter rose to $302,000 - equivalent to $0.07 per share. This was a noteworthy increase from the previous year's third quarter net income of $52,000 or $0.01 per share.
CEO Roland Kohl expressed satisfaction with the company's performance, stating that "We ended the calendar year on a positive note, with our revenue increasing about 60% in the third quarter of fiscal year 2024, in comparison to the same period the previous year. Furthermore, our diluted earnings per share also rose an impressive 600% over the same period."
Kohl continued, expressing optimism about the company's position at the beginning of the new calendar year, saying "We are cautiously optimistic about the future based on a number of internal drivers that we believe will propel our growth. Our focus remains on the continued recovery of our business and ideally, a complete turnaround of our Company."
