Xoceco Back in Black With RMB 52 Mln H1 Profits
Netease Tech, 7/22/09
Television manufacturer Xiamen Overseas Chinese Electronic (Xoceco) (600870.SH) has reported RMB 52.09 mln in net profits for H1 2009, after three consecutive years of losses and a trading suspension.
Xoceco reported yesterday that in the first half of this year it sold 1.04 mln color television sets, up 10.62% YoY, and had RMB 1.685 bln in sales revenue, up 9.93% YoY. Flat-panel display sales accounted for 88.72% of total revenue.
According to Xoceco, the sharp increase in profits was primarily driven by an increase in exports made possible by the overseas distribution network of it's largest shareholder, Taiwanese display manufacturer Chunghwa Picture Tubes. Export volume in H1 2009 rose by 86% YoY and export value grew 37%.
Xoceco expects continued strong results in the latter half of the year, emphasizing that not only is H2 2009 traditionally the busy season for consumer electronics, but the company already has orders scheduled for production through October.
The Shanghai Stock Exchange suspended trading on Xoceco shares on May 27, 2009 due to the company's three consecutive years of losses.
Keywords: Chunghwa Picture Tubes 600870.SH consumer electronics export H1 2009 H2 2009 hardware overseas revenue Shanghai Stock Exchange Xoceco profit TV set flat-screen
Sending
