Q TECH, the Hong Kong-listed technology company, saw its stock price soar by an impressive 13.97% during the Wednesday trading session. This surge is attributed to two significant factors highlighted in recent company announcements.
First, Q TECH has forecasted a substantial increase in its consolidated profit for the fiscal year, estimating a growth of 200% to 280%. The company cited the recovery in demand and the upgrading of specifications for its camera modules as the driving forces behind this remarkable profit surge.
Additionally, Q TECH announced that the Indian Assessing Office has reduced the aggregate amount of income tax and interest payable by its Indian subsidiary by a substantial INR 503 million. This tax relief is expected to positively impact the company's bottom line and contribute to its overall profitability.
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