Willas-Array reports 3Q21 earnings of $6.4 mil, marking third straight profitable quarter

Willas-Array Electronics (Holdings) has reported earnings of HK$37.3 million ($6.4 million) for the 3QFY2021 ended December, from losses of HK$4.5 million a year ago.

This is mainly due to higher gross profit due to an increase in revenue from the market segments that benefitted from the company’s services. The earnings were also attributable to a decrease in clearance of buffer stocks compared to 3QFY2020, as well as a reversal of stock provision of HK$12.0 million in 3QFY2021.

In 3QFY2020, a stock provision of HK$18.8 million for slow-moving inventories was made.