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Ionics Inc. has reported sales of $24.45 million for the six months ended June 30, 2016, down by 21% from the same period last year. The sales decline was mainly attributed to lower customer demand.
Operating expenses increased by $0.22 million from $1.4 million in 2015 to $1.62 million in 2016 due to provision for impairment made during the period.
The Group posted an income before income tax of $1.54 million and $1.58 million for the six months ended June 30, 2016 and 2015, respectively.
With the foregoing, the group reported a consolidated net income attributable to equity holders of the Parent Company amounting to $1.36 million and $1.40 million for the six months ended June 30, 2016 and 2015, respectively.
The Parent Company reported a net loss of US$0.07million and net income of US$1.07 million for the six months ended June 30, 2016 and 2015, respectively.
The group’s EMS division, Ionics EMS Inc. and Subsidiary, posted sales of $23.04 million for the first half of 2016, down by 22% from the same period last year. Gross profit increased by $0.16 million from gross income of $1.92 million in 2015 to gross income of $2.09 million in the same period of 2016 due to increase in consignment projects.
The EMS division reported a net income of $0.43 million for the six months ended June 30, 2016.
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