BRIEF: Precision Tsugami (China) annual profit jumps
Machine tool maker Precision Tsugami (China) Corp. Ltd. (1651.HK) said on Tuesday it expects to report a profit of 782 million yuan ($107 million) for its fiscal year through March 2025, up about 60% from the 480 million yuan it reported in the previous year.
The company attributed the rise to a return of confidence to China’s manufacturing industries, resulting in higher spending by the automotive, pneumatic and hydraulic, and general machining sectors. “At the same time, the group has actively engaged all employees in initiatives aimed at cost reduction and efficiency improvement, achieving remarkable results,” it added.
Shares of Precision Tsugami (China), the China-focused unit of Japan’s Precision Tsugami, were up 9% in Tuesday afternoon trade after the report’s midday release. The stock currently trades in the middle of its 52-week range.
By Doug Young
To subscribe to Bamboo Works free weekly newsletter, click here
Related Articles
RELATED ARTICLES
-
NEWS WRAP: VNET records first annual profit in three years
VNET.US -
Lianhe Sowell launches listing into stock market storm
LHSW.US
-
Yan Palace flies back to profit growth as revenue sags
1497.HK
-
BRIEF: Strong growth, greater efficiency charge up CALB’s annual profit
3931.HK
-
Canaan builds up bitcoin mining in quest to emerge from crypto no man’s land
CAN.US
-
Gasping Huabao’s profits go up in smoke
0336.HK 300741.SHE
-
ECARX reports its first profit, expects added revenue from Volkswagen tie-up
ECX.US
