Hollysys Automation Technologies. (HOLI) has reported a 28.33 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $21.69 million, or $0.36 a share in the quarter, compared with $30.26 million, or $0.50 a share for the same period last year. On an adjusted basis, earnings per share were at $0.37 for the quarter compared with $0.45 in the same period last year.
Revenue during the quarter dropped 17.23 percent to $103.54 million from $125.09 million in the previous year period. Gross margin for the quarter contracted 964 basis points over the previous year period to 29.47 percent. Total expenses were 84.27 percent of quarterly revenues, up from 76.12 percent for the same period last year. That has resulted in a contraction of 815 basis points in operating margin to 15.73 percent.
Operating income for the quarter was $16.29 million, compared with $29.88 million in the previous year period.
Operating cash flow improves significantly
Hollysys Automation Technologies has generated cash of $17.79 million from operating activities during the quarter, up 158.91 percent or $10.92 million, when compared with the last year period.
The company has spent $33.98 million cash to meet investing activities during the quarter as against cash inflow of $1.62 million in the last year period. It has incurred net capital expenditure of $0.23 million on net basis during the quarter, down 88 percent or $1.70 million from year ago period.
Cash flow from financing activities was $0.40 million for the quarter as against cash outgo of $15.58 million in the last year period.
Cash and cash equivalents stood at $212.28 million as on Sep. 30, 2016, up 11.45 percent or $21.81 million from $190.48 million on Sep. 30, 2015.
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