BRIEF: Impro Precision’s revenue rises 16.8% in third quarter

Precision machining parts maker Impro Precision Industries Ltd. (1286.HK) on Friday reported its revenue rose 16.8% year-on-year in the third quarter to HK$1.36 billion ($175 million), boosted by strong sales in AI-related end-markets, such as high horsepower engines.

The company’s diversified industrials segment posted the strongest year-on-year growth for the quarter, with revenue up 40.6% to HK$778 million, or 57% of its total. That more than offset a 12.7% decline for its smaller automotive segment, which dropped to HK$355 million.

By geography, the company posted the strongest growth in its home China market, with revenue there up 37.2% to HK$281 million, accounting for about 21% of sales. Revenue from the U.S., the company’s biggest market, rose 13.2% year-on-year during the quarter to HK$592 million, making up 43.5% of its total.

The company did not provide any profit figures for the quarter.

Impro Precision’s stock rose 4.8% in Hong Kong on Friday after the report’s release. The stock is up 156% this year.

By Doug Young

To subscribe to Bamboo Works weekly free newsletter, click here