Innovalues’ FY15 profits soar 45.5% YoY to $23m

Thanks to higher customer demand, favourable forex rates.

Bolstered by an uptick in demand as well as favourable forex rates, Innovalues’ attributable profit for FY15 skyrocketed 45.5% YoY to $23m.

In a media release by the company, Innovalues stated the steep earnings growth is in line with revenue inching up 4.8% to $113.7m. This, in turn, is on back of contribution by ts automotive (AU) and office automation (OA) segments.

The AU segment’s revenue inched up 1.9% YoY to $89.4m while the OA segment soared 18.4% YoY to $23.8m. Innovalues reports that the increase in both segments is thanks to climb in demand from customers.

Also, favourable currency exchange rates on top of the company’s ongoing efforts to boost operational efficiency paid off as gross profit margin jumped 21.1% YoY to $34.9m in FY15. This translates to a gross profit margin expansion of 26.6% to 30.7% for FY15.

Moving forward, Innovalues reports it will be cautiously optimistic of prospects in both the AU and OA industries. Amid the sustained market uncertainty, Innovalues relies on its AU segment as the primary growth driver. Moreover, with recent technological advancements, the demand for more sensor components within a vehicle will also drive growth.