China Wireless H1 2010 Profit Up 740% YoY
China Wireless PR, 8/06/10
Chinese handset manufacturer China Wireless Technologies (2369.HK), whose Yulong Computer Telecommunication subsidiary sells its products under the Coolpad brand name, has released its unaudited financial results for the first half of 2010, with revenues reaching HKD 2.1 bln, up 193.8%% YoY.
Net profit attributable to ordinary equity holders reached HKD 272.35 mln, up 740.4% YoY.
Revenue from 3G Coolpad brand smartphones reached HKD 1.79 bln, up 626.1% YoY, growing from 34.6% of total revenues in H1 2009 to 85.6% of total revenues in H1 2010 to become the group's main revenue stream. Sales volume rose from 100,000 units in H1 2009 to 1,420,000 units in H1 2010.
Revenues from 2G Coolpad brand smartphones dropped 37.7% YoY to HKD 285.9 mln, despite sales volume growing from 480,000 units in H1 2009 to 560,000 units in H1 2010, due primarily to the dramatic decline in the averages sales price (ASP) of 2G Coolpad smartphones. Revenue contribution fell from 64.2% in H1 2009 to 13.6% in H1 2010.
Other revenue, primarily generated from the sales of Coolpad smartphone's accessories, rose 93.1% YoY to HKD 16.8 mln.
Overall ASP decreased to HKD 1,040 in the first half of 2010 from HKD 1,240 for the corresponding period in 2009. The decline of the overall ASP resulted primarily from a change in China Wireless Technologies's product mix since the group entered the highly competitive market for mid-range and low-end mobile phones during the reporting period.
To view the full report, please click here.
Keywords: mid-range handset smartphone profit revenue wireless 3G Coolpad low-end China Wireless sales volume 2369.HK H1 2010 pricing fiscal report Yulong
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