Intelligent driving technology company iMotion Automotive Technology (Suzhou) Co. Ltd. (1274.HK) said on Monday it expects to record revenue of approximately 761 million yuan ($112 million) for the first half of this year, up 107.79% year-on-year. Its pre-tax loss for the period narrowed by 69.71% to approximately 53.88 million yuan.
The company attributed the improvement to a surge in deliveries of its advanced driving assistance solutions and products. Its mass production projects continued to grow, while several projects increased significantly in scale, driving strong sales volume growth.
Sales volume of the company’s self-developed iDC series of advanced driving assistance domain controllers and iFC series of intelligent front cameras saw especially strong growth, up by approximately 160.36% from a year earlier. Growing economies of scale led to a significant improvement in its gross profit margin and the sharp narrowing of its loss.
Shares of iMotion opened higher on Tuesday and were trading at HK$3.26 by the midday break, up 0.93%. The stock has fallen about 48% this year.
By Lee Shih Ta
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