Mingteng International Corp., Inc. (MTEN) has released an update.
Mingteng International Corp. reports a mild revenue increase of 2.5% to $8.23 million for FY 2023, with net income declining to $1.51 million from $2.13 million the previous year. Despite higher sales in mold production and machining services, the overall profit margin dipped to 40.4% due to increased costs associated with investments in new machinery, entry into the aluminum alloy pressure casting mold sector, and labor. The company continues to focus on growth strategies, technological innovation, and exploring overseas business expansion.
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