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- Electronics vendor Harris Technology (HT8) has seen a major profit turnaround for the 2020 financial year
- The company is expecting to pocket approximately $700,000 in profit for the financial year, which is based on an expected annual sales revenue of around $13 million
- This compares to a loss of $732,000 and $9 million in revenue for the end of the 2019 financial year
- The increase in profit has been driven by Harris’ IT and Consumer Electronics division, as well as its new Pro-Hygiene division
- Despite this news, Harris is down 5.13 per cent on the market this morning and is selling shares for 3.7 cents
Electronics vendor Harris Technology (HT8) has seen a major profit turnaround for the 2020 financial year.
The company is expecting to pocket approximately $700,000 in profit for the financial year, which is based on an expected annual sales revenue of around $13 million.
This compares to a loss of $732,000 and $9 million in revenue for the end of the 2019 financial year.
Stemming from the COVID-19 lockdown, the increase in profit has been driven by its IT and Consumer Electronics (CE) division, as well as its new Pro-Hygiene division. In the new division, the company sells face masks, hand sanitiser, gloves, gowns and wipes.
“We are delighted by the strong growth in revenues over the past year, and look forward to this continuing as we head into 2021 financial year and beyond,” CEO Garrison Huang said.
“We are continuing to develop strategies to expand our online offerings in the IT and CE division to build on the momentum generated in the first half of calendar 2020 and maintain growth,” he added.
Earlier this month, Harris reported strong results from its Pro-Hygiene division. The company continues to develop plans to build on the opportunities by having enough resources to meter the new demand in this division.
Despite this news, Harris is down 5.13 per cent on the market this morning and is selling shares for 3.7 cents each at 11:52 am AEST.
