FIT Hon Teng Announces FY2021 Interim Results

• Revenue for the 1H 2021 amounted to US$1,982 million, representing a YoY increase of 3.4 % as compared to US$1,917 million in the same period of last year.
• Interim profit attributable to owners of the Company amounted to US$9 million, representing a YoY decrease of 58.2% as compared to US$22 million in the same period of last year.
• Interim Basic EPS amounted to US$0.14 cents.
• The Board did not declare any interim dividend.

(Hong Kong, August 10, 2021) – FIT Hon Teng Limited (“FIT”, SEHK stock code: 6088) today announced its unaudited consolidated results for the interim period ended June 30, 2021.

In the first half of 2021, FIT’s revenue amounted to US$1,982 million, representing a 3.4% increase from US$1,917 million in the same period of 2020. FIT’s gross profit increased by 2.5% from US$261 million for the six months ended June 30, 2020 to US$268 million in the corresponding period of 2021, and its gross profit margin decreased from 13.6% for the six month ended June 30, 2020 to 13.5% in the corresponding period of 2021.

FIT’s operating profit decreased by 50% from US$32 million for the six months ended June 30, 2020 to an operating loss of US$16 million in the corresponding period of 2021. Its operating profit margin decreased from 1.7% for the six months ended June 30, 2020 to 0.8% in the corresponding period of 2021. The decline was primarily due to a suspension of work in Vietnam during the pandemic and the continual rise in raw precious metal prices.

These factors have led to a decreased in net profit. FIT’s profit attributable to owners of the Company for the period decreased by 58.2% from US$22 million in the six months ended June 30, 2020 to US$9 million in the same period in 2021.

• The 28.4% decline in revenue from mobile devices was mainly due to the cancellation of the configuration of wired earphones by brand companies for their new smartphones. FIT recorded reduced shipments of wired earphones, but its Lightning cable products made up part of the gap.

• The 7.4% increase in revenue from communications infrastructure segment was mainly attributable to an increase in its CPU socket and network socket product business.

• The 22.3% increase in revenue from computer and consumer electronics segment was due to the work-from-home arrangement and home-based learning during the COVID-19 outbreak.

• The strong performance of the smart accessories segment, with revenue up 79.6% was mainly attributed to the performance of its new true wireless bluetooth earphone product, and the gradual reopening of physical channels, as Covid-19 pandemic in Europe and the Americas improved.

• The 2.4% increase in revenue from connected home segment was mainly attributable to upgrades of routers network related products due to the work-from-home arrangement and home-based learning during the COVID-19 outbreak.

• The 30.6% increase in revenue from the EV, industrial and medical segment was primarily due to the growth in revenue related to our EV accessories.

Commenting on FIT’s results, Mr. Sidney Lu, Chairman and CEO said, “In 1H 2021, our strategic transformation has placed our operations back on to a trajectory for growth. While external factors impacted our interim results, our proactive efforts, particularly in cost control, will enable us to sustain the company's performance.”

“Looking ahead, we would continue to accelerate the capacity resumption in Vietnam and efficiently execute our 3+3 long-term strategy. We will leverage our core competencies in copper to optics, wire to wireless and component to module to capitalise opportunities in the EV, audio and connected home industries. Our strategic acquisitions and collaborations will also support FIT to capture opportunities arising from these next-generation technologies.”

Henry Chow
Think Alliance Group
Tel: +852 3481 1161
henry.chow@think-alliance.com

No.66-1, Zhongshan St., Tucheng Dist., New Taipei City 236, Taiwan

FIT Hon Teng Limited is a market leader of interconnect solutions for mobile devices, digital computer and consumer electronics, communication infrastructure, EV, industrial and medical applications and connected smart devices. Its subsidiary, Belkin International, is a global consumer electronics leader, which owns the Belkin®, Linksys®, Wemo® and Phyn® brands.

This release was published on openPR.