Business
HIGHWAY HOLDINGS REPORTS SECOND QUARTER FISCAL YEAR 2023 RESULTS
HONG KONG, Oct. 17, 2022 /PRNewswire/ -- Highway Holdings Limited (Nasdaq: HIHO, "the Company" or "Highway Holdings") today reported results for its fiscal
About this update from Highway Holdings Limited
[{"type":"text","content":"HONG KONG, Oct. 17, 2022 /PRNewswire/ -- Highway Holdings Limited (Nasdaq: HIHO, \"the Company\" or \"Highway Holdings\") today reported results for its fiscal year 2023 second quarter and six-months ended September 30, 2022.\nNet sales for the second quarter of fiscal year 2023 were $3 million, compared with $3.4 million in the year ago period, reflecting the adverse impact of shutdowns, disruptions and supply chain issues related to the Zero-COVID policy in China and Hong Kong. Net income for the second quarter of fiscal year 2023 was $396,000, or $0.10 per diluted share, compared with a net income of $242,000, or $0.06 per diluted share in the year ago period.\nNet sales for the first half of fiscal year 2023 were $6 million compared with $6.4 million in the year ago period. Net income for the first half of fiscal year 2023 was $783,000, or $0.19 per diluted share, compared with $575,000 or $0.14 per diluted share in the year ago period.\n\"Our team remained focused during this challenging period and continued to work closely with our customers to best support their demands. The governments in China and Hong Kong helped during this period with some subsidies, which helped us achieve modest profitability on the reduced revenue level as we actively controlled operating and supply chain costs,\" said Roland Kohl, chairman, president and chief executive officer.\nMr. Kohl emphasized, \"China's Zero Covid policy has caused virtually constant disturbances to our day-to-day business. For example, suppliers, customers and our own employees have to deal with office and residence closures and quarantines, which can last for several days, or more. This has a highly disruptive and disturbing impact on both our production cycles and on the broader supply chain, with the normal flow of supplies, components and people being upended. Even though the governments in China and Hong Kong provide us with occasional financial subsidies, these subsidies do not fully compensate for all the disturbances to our business. We will continue to take appropriate actions to adjust to the current environment. We hope the restrictions will be lifted in the near future, which should lead to more normal business levels and an acceleration of the encouraging new business opportunities we are developing.\"\nGross profit for the second quarter of fiscal year 2023 ...