Comba Telecom Systems Holdings returned to profitability in the year ended Dec 31, 2025, posting net profit attributable to shareholders of HK$35 million against a HK$564 million loss a year earlier, as improved cost control and a wider gross margin offset flat top-line growth.

The wireless-infrastructure specialist generated earnings per share of HK1.15 cents, reversing a loss per share of HK20.41 cents in FY24. Having paid an interim dividend of HK0.6 cent a share earlier in the year, the board did not propose a final dividend, mirroring the prior year.

Revenue inched up 0.9 % year-on-year (YoY) to HK$4.57 billion. The gross profit margin expanded to 28.7 % from 25.9 %, helped by pricing discipline and lower operating expenses. Operating cash flow strengthened to HK$527 million from HK$339 million, while net cash rose to HK$1.27 billion from HK$745 million.

By business line, base-station antennas and subsystems remained the largest contributor at HK$1.77 billion, though sales slipped 7.5 % YoY. Network-system revenue climbed 26.5 % to HK$1.11 billion, lifting its share of group turnover to 24.2 %. Service revenue was broadly stable at HK$938 million, and wireless-transmission and other products fell 6.1 % to HK$589 million.

Domestic sales to China’s three major telecom operators and China Tower increased 3.7 % to HK$1.78 billion, representing 38.9 % of group turnover. International markets accounted for 48.2 % of revenue, virtually unchanged at HK$2.20 billion, while other mainland customers contributed HK$425 million.

The bottom-line swing was also supported by lower operating expenses: research-and-development spending decreased 19 % to HK$332 million, selling and distribution costs fell 25 % to HK$417 million, and administrative expenses declined 32 % to HK$322 million. Finance costs rose 29 % to HK$40 million.

Looking ahead, management said it will prioritise technology leadership, quality and disciplined competition, pledging to boost in-house R&D and innovation and to enhance organisational efficiency. The company plans to deploy HK$372 million in equity proceeds raised in March 2025 to fund future expansion and strengthen its capital base. It also highlighted opportunities arising from global network upgrades and pledged to deliver stable, cost-effective solutions to operators while maintaining healthy leverage.