[Caihua Social News] International Precision (00929.HK) announced that in the six months ended June 30, 2021, the group recorded income of about HK $518 million, an increase of about 53.21% over the same period last year; profit attributable to equity shareholders of the company was HK $30.211 million, an increase of about 1041.81% over the same period last year; earnings per share were HK2.9 cents; no dividend was paid.
The auto parts business recorded sales of HK $280 million in the first half of 2021, an increase of HK $98779000 or 54.7 per cent over the same period last year.
The company's hydraulic parts business earned HK $164 million in sales in the first half, an increase of HK $75.309 million or 84.8 per cent over the same period last year.
The group's revenue growth is mainly due to the gradual recovery of foreign customer orders, especially in automotive and hydraulic customers, which have returned to pre-epidemic levels.
The acquisition of Jiangsu Kemai hydraulic Control system Co., Ltd. (Jiangsu Kemai) was completed in May 2021. Jiangsu Kemai is engaged in load sensitive proportional multi-way reversing valve, which is widely used in the field of electro-hydraulic control in construction machinery and coal mining industry. there is a high degree of cooperation with the company's hydraulic business development direction, products and so on.
Gross profit in the first half of 2021 was about HK $130 million, an increase of HK $59.646 million over HK $70.029 million in the same period last year. As for gross profit margin, it was 25.0% in the first half of 2021, up 4.3% from 20.7% in the same period last year.
In terms of other income, it was HK $21.748 million in the first half of 2021, an increase of HK $5.314 million over the same period last year, mainly due to government subsidies.
Sales and distribution expenditure was HK $10.925 million in the first half of 2021, an increase of HK $1.198 million over the same period last year. In addition, affected by the outbreaks in Guangzhou, China and India in the first half of the year, global logistics and transportation costs also rose. The prices of containers exported from China to Europe and the United States and the East were higher than in previous years, reaching record highs and pushing up related costs.