Highway Holdings Limited (HIHO) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $0.13 million, or $ 0.03 a share in the quarter, against a net profit of $0.39 million, or $0.10 a share in the last year period. Revenue during the quarter plunged 31.26 percent to $4.22 million from $6.14 million in the previous year period. Gross margin for the quarter expanded 95 basis points over the previous year period to 26.64 percent. Operating margin for the quarter stood at negative 4.29 percent as compared to a positive 6.69 percent for the previous year period.
Operating loss for the quarter was $0.18 million, compared with an operating income of $0.41 million in the previous year period.
"The company continues to transition away from low margins business, with a focus on capturing new business to replace this business. At the same time, we are working diligently to maintain and grow business from our higher margin customers, which depends very much on the company’s ability to minimize inflationary increases of operational costs in China," said Roland Kohl, chairman and chief executive officer of Highway Holdings.
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