u-blox reports 24.5% y/y increase in 2016 net profit to USD45.3 million

Places USD60 billion bond issue

Switzerland-based GPS specialist u-blox reported 24.5% year-over-year (y/y) increase in net profit to CHF46.2 million (USD45.3 million as on 31 December 2016) for the financial year ended 31 December 2016, the company said in a press release last week. The company also recorded 15% y/y increase in operating profit to CHF59 million. u-blox attributed the strong growth in profit in the financial year to higher revenue, which increased 6.5% y/y to CHF360.2 million.