InnoTek’s net profit ricocheted to $2.3m in 2Q16

New management’s restructuring efforts finally paid off.

InnoTek Limited has registered a positive swing in their net profit, now at $2.3 million, despite a 12% revenue decrease, reflecting the success of the restructuring initiatives under their new management.

"The improved performance followed key initiatives being executed under a new management to reduce operating costs, increase productivity and strengthen customer engagement," the group said in a statement.

Despite the fallback in the group's revenue, the gross profit saw a threefold rise, from $2.4 million to $8.5 million.

For the first half of 2016, the precision metal components group announced a net profit of $1.8 million, bouncing back from a loss of $7.6 million a year earlier.

With this, InnoTek Executive Director Lou Yiliang remains steadfast in her expectation to surpass the group's performance in FY2015.

“The turnaround in financial performance after 10 quarters of losses reflects the quality and pace of restructuring initiatives under the new management leadership. We will build upon the momentum to enhance shareholder value,” Yilian said.