Harris Technology touts profit rebound off COVID-19 sales jump

Harris Technology touts profit rebound off COVID-19 sales jump

Expects to turn around last year’s loss of $732,000

Garrison Huang (Harris Technology)

Garrison Huang (Harris Technology)

Credit: IDG

Online IT equipment retailer Harris Technology is expecting to end the year in profit after the coronavirus pandemic gave it an unprecedented sales jump.

The publicly listed company expects to end the year with $700,000 in the black, a reverse of financial year 2019’s loss of $732,000.

Its prediction comes off the back of a revenue expectation of $13 million, which would be a $4 million rise over the previous year.

The announcement follows its recent update which revealed its March sales increased to $1.63 million, compared to $716,000 in the month last year, off the back of the demand for home-working equipment.

Meanwhile total revenue for the three months ending 31 March 2020 was $3.4 million, compared to $2.3 million during the corresponding quarter in 2019.

“We are delighted by the strong growth in revenues over the past year, and look forward to this continuing as we head into FY21 and beyond,” Harris CEO Garrison Huang said.

“We are continuing to develop strategies to expand our online offerings in the IT/CE division to build on the momentum generated in the first half of calendar 2020 and maintain growth.”

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Tags harris technologycoronavirus

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