FIT Hon Teng releases Q1 FY24 business update: turnaround in profitability in Q1 and resume growth trajectory for 2024

(Hong Kong, May 10, 2024) - FIT Hon Teng Limited ("FIT", SEHK stock code: 6088) announced its unaudited first quarter business update for the three months ended March 31, 2024.

Financial Highlights:
● Revenue for the first three months of 2024 increased 12.0% to US$965.1 million
● Net profit from continuing operations reached US$10.2 million, compared to loss of US$9.3 million in corresponding period last year.

For the three months ended March 31, 2024, FIT's unaudited consolidated revenue increased by 12.0% to approximately US$965.1 million, compared to the corresponding period of last year. FIT reported an unaudited net profit from continuing operations for the three months ended March 31, 2024, of approximately US$10.2 million, compared to the unaudited net loss from continuing operations of approximately US$9.3 million in the corresponding period of last year.

The turnaround in the Group's financial performance was mainly attributable to improvement in the Group's management effectiveness and gradually recovering demand from the computing and networking end market, compared to the corresponding quarter last year.

As of March 31, 2024, our financial position remained solid with cash and cash equivalents of US$1,378.5 million, as compared to US$981.7 million for the corresponding period of last year.

Mr. Sidney Lu, Chairman and CEO, commented on FIT's performance, "We have made good progress in improving our financial performance, thanks to increased contributions from our 3+3 product portfolios and better operational efficiencies, supported by new audio product launches, robust EV mobility orders and growing demand for our next-gen AI solutions. Despite the uneven recovery in consumer electronics, we remain confident about resuming our growth trajectory for the rest of 2024."

Media Contact:
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

About FIT Hon Teng
Foxconn Interconnect Technology (FIT) is a leading global solutions developer and manufacturer cultivating connectivity for a better world. With unsurpassed capabilities in development, research, manufacturing engineering and design, production, supply chain, and go-to-market planning for world class brands and private label products spanning B2C and B2B categories, FIT is at the forefront of worldwide technological trends delivering compelling user experiences at scale. With offices and manufacturing sites located in Asia, the Americas and Europe, FIT is a global leader in the manufacturing of high precision interconnect components. For more information, visit FIT's website: fit-foxconn.com

This release was published on openPR.