Las Vegas-based Ionix Technology, Inc. (OTC:IINX) found its shares headed skyward on the release of announced Thursday of quarterly financial results.
Total revenues increased by 192% from the three months ended September 30, 2018 to three months ended September 30, 2019.
Gross profit increased by 394% over the same period, with net income hiking 302%.
Gross profit margin maintained at 19.0% during the three months ended September 30, 2019 as compared to 11.3% for the three months ended September 30, 2018.
According to Chairman Cheng Li, "The fiscal year 2020 is off to a good start. With another strong quarter of operations, Ionix Technology is building a solid track record of execution.
“The first quarter performance speaks to our differentiated market position, as we invest continuously in innovation to create compelling solutions for our customers."
Ionix shares galloped 32.5 cents, or 24.5%, to $1.65, on subdued volume of 2,000 shares.