Trek 2000 swings back into the black in FY16 with $8.5 mil earnings

SINGAPORE (March 29): Trek 2000 International, the technology company that owns the patent to the ThumbDrive, posted US$6.1 million ($8.5 million) in earnings for the year ended Dec 2016, compared to losses of US$6.6 million in FY15.

Revenue grew 11.4% to US$165.7 million from US$148.8 million in the previous year, driven by the group’s Interactive Consumer Solutions (ICS) division which accounted for 98.4% of the overall revenue.

In a filing to the SGX Tuesday evening, Trek 2000 says its 373.9% y-o-y surge in gross profit to US$19.3 million, along a 9 percentage point expansion in gross profit margin to 11.7% during the financial year, was backed by effective cost containment measures and higher sales of expanded Wi-Fi and IoT module applications.

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