Cemtrex Reports Big Jumps in Sales, Profits
FARMINGDALE, N -- Cemtrex reported revenue for the period ended Sept. 30 rose 57% year-over-year to $8.36 million.
Net income was up 834% to $2.69 million.
For the year, the company, which makes various OEM products and provides EMS services, saw revenue increase 249% to $47.7 million.
In a press statement, chairman and chief executive Saagar Govil said, "This has been a tremendous year for us as we have experienced unprecedented growth and also completed a significant acquisition. We are pleased with the results of fiscal 2014 and look forward to continue taking the company to greater heights in 2015.
"We have decided not to proceed further with the pending acquisition of the waste water technology company announced in June since it ultimately did not pass our diligence parameters. However we are exploring several alternative acquisition opportunities that we shall provide further details on as they become more viable," he said.
