By Hong Kong Newsroom
HONG KONG (Mar 20) -- Hong Kong-listed Sunny Optical Technology Group said its profit for 2017 more than doubled on higher sales for its smartphone-related and vehicle-imaging businesses.
Net profit for the Apple supplier rose to 2.90 billion yuan ($458 million) in 2017 from 1.27 billion yuan the year before. Revenue increased 53.1% on-year to 22.37 billion yuan, boosted by strong sales from customers in China, up 58%, and Korea, up 85%. The company also operates in Japan and the U.S.
In a filing to the exchange after trading hours Monday, the optical instrument and lens manufacturing company said turnover improved in all three of its main business segments -- optical components, optoelectronic products and optical instruments.
The group plans to intensify its research-and-development and investment in key technologies in 2018. In 2017, Sunny Optical's R&D expenditure accounted for 5.2% of revenue, up from 4.8% the year before.
Sunny Optical proposed a final dividend of approximately 0.661 yuan per share for the year, compared to 0.29 yuan in 2016.
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