OFweek Optical Communications Network Hengtong Optoelectronics recently announced its first quarter financial report for 2016.
The financial report shows that the revenue in the first quarter was 3.324 billion yuan, a year-on-year increase of 71.58%; the net profit was 115 million yuan, a year-on-year increase of 128.80%.
The report stated that the revenue growth was due to the growth in revenue from optical communications, ocean engineering, communication network design and engineering businesses.
In addition, the performance of associated companies has also achieved substantial growth.
In the first quarter, Hengtong Optoelectronics completed the proposal to acquire 10.9% of the equity of Heilongjiang Telecom Guomai Engineering Co., Ltd. The current total acquired equity of Telecom Guomai is 51.9% .
In addition, the wholly-owned subsidiary Hengtong Optoelectronics International Co., Ltd. completed the acquisition of 30.08% equity of PT Voksel Electric Tbk for a total consideration of IDR 312.5 billion.
