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Cemtrex FY 2016 Net Income Up 76%
December 22, 2016 | PRNewswireEstimated reading time: 1 minute
Cemtrex has reported revenue growth of 65% to $93.7 million for the 12 months ended September 30, 2016, while net income was up by 76% to $4.99 million, equaling $0.59 per share.
Commenting on the yearly results, Saagar Govil, Chairman and Chief Executive Officer of the company, remarked, "This past year we were able to complete two strategic acquisitions that allowed our revenues to increase 65%. Out net income also increased 76% mainly due to the increased income from the acquired operations. We have been able to establish a repeat customer base through our proven technologies, cost-effective manufacturing, and on-time delivery of equipment which creates a positive outlook for sustainable revenue growth."
"Overall, this year was a great year for Cemtrex as we have seen our number of shareholders increase substantially and a significant increase in our average trading volume. Additionally, we have recently filed for a Rights Offering with Source Group, through the issuance of preferred shares, which when completed, would provide us additional resources for pursuing larger acquisitions. Furthermore, with the incoming Trump administration's plan for increased infrastructure and manufacturing spending, we believe there is a lot to look forward to, as we continue to create value for our shareholders in the coming year," said Govil.
About Cemtrex
Cemtrex, Inc. is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides manufacturing services of advanced custom-engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
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