Gross profit increased 12.2% y-o-y to $33 million, outpacing revenue growth as the company achieves lower scrap and rework rate amid improved operational efficiency while costs related to raw materials declined. Gross profit margin for FY2023 rose to 16% from 14.6% in FY2022.
InnoTek has reported a net profit of $4.4 million in its FY2023 ended December, up 93.3% from the $2.3 million in FY2022.
This is on the back of higher revenue, up 10.1% y-o-y to $205.6 million in FY2023. This is lifted by higher sales from the automotive and tv/display segments as well as new projects in emerging industries. Cost of sales for the year grew 8.2% to $172.6 million.
