Highway Holdings Limited (HIHO) is up 13.98% in the after-hours trading session at the price of $4.73 despite any recent news.
HIHO Disclosed Cash Dividend
On 2nd August 2021, HIHO published that its board of directors had announced a cash dividend of $0.06 per share on its common stock. The dividend will be paid on 12th October 2021 to shareholders of record on 7th September 2021. HIHO is an international producer of a broad category of quality parts products for blue-chip equipment manufacturers. The company’s administrative offices are in Hong Kong. Its manufacturing facilities are located in Yangon, Myanmar, and Shenzhen, China.
Fiscal 2022 First Quarter Results
On 22nd July 2021, HIHO announced results for its fiscal 2022 first quarter ended 30th June 2021. Net sales for the fiscal first quarter raised almost 46 percent to $3.0 million from $2.1 million a previous year. Net income for the same period was $333,000 or $0.08 per diluted share. A net loss of $223,000 or $0.06 per share, was reported for the same period of last year. Gross profit for the 2022 fiscal first quarter was $930,000 compared with $520,000 in the same quarter the prior year. Total shareholders’ equity on 30th June 2021 was $10.1 million compared with $9.8 million as of 31st March 2021.
CEO of HIHO Roland Kohl remarked that the results for the fiscal 2022 first quarter profited from the carryover of orders. These orders had been delayed in the fiscal 2021 fourth quarter primarily due to the global pandemic and other factors discussed in recently published fiscal annual results. Though they remain cautious about the near-term consequences of global pandemic and supply chain issues, still they are starting fiscal 2022 with excellent order demand, he added.
Fiscal 2021 Fourth Quarter and Year-end Financial Results
On 15th July 2021, HIHO announced financial results for its fiscal year ended 31st March 2021. The results revealed the adverse impact of the COVID-19 pandemic and the military takeover in Myanmar on the company’s operations in that country. Moreover, a general shortage of raw materials and components, including electronic components and semiconductor chips, have also affected results badly.
HIHO reported net sales of $1.8 million for the fiscal 2021 fourth quarter compared with $2.9 million the previous year. Net loss for the quarter was $551,000 or $0.14 per share. Net income was $563,000 or $0.14 per diluted share the previous year. Net sales were $9.2 million for fiscal 2021 compared with $12.6 million a prior year. Net loss for fiscal 2021 was $461,000 or $0.12 per share. A net income of $686,000 or $0.18 per diluted share, was reported last year. Gross profit was $2.7 million for fiscal 2021 compared with $4.2 million the previous year. The gross profit of sales for fiscal 2021 was 30 percent compared with 33 percent earlier year.
