Hollysys Automation Technologies. (HOLI) has reported 69.74 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $9.97 million, or $0.17 a share in the quarter, compared with $32.95 million, or $0.55 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $11.01 million, or $0.18 a share compared with $36.79 million or $0.61 a share, a year ago. Revenue during the quarter plunged 35.11 percent to $99.14 million from $152.77 million in the previous year period. Gross margin for the quarter contracted 1110 basis points over the previous year period to 28.56 percent. Total expenses were 89.75 percent of quarterly revenues, up from 73.70 percent for the same period last year. That has resulted in a contraction of 1606 basis points in operating margin to 10.25 percent.
Operating income for the quarter was $10.16 million, compared with $40.18 million in the previous year period.
Hollysys Automation Technologies forecasts revenue to be in the range of $480 million to $520 million for fiscal year 2017. For the financial year 2017, Hollysys Automation Technologies expects adjusted net income to be in the range of $90 million to $100 million.
Operating cash flow drops significantlyHollysys Automation Technologies has generated cash of $54.07 million from operating activities during the first half, down 82.95 percent or $263.06 million, when compared with the last year period. Cash flow from investing activities was almost stable for the quarter at $63.95 million, when compared with the previous year period.
Cash flow from financing activities was almost stable for the quarter at $3.46 million, when compared with the previous year period.
Cash and cash equivalents stood at stood at $210.12 million as at Dec. 31, 2016.
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