Chinese digital map provider AutoNavi (Nasdaq: AMAP) today announced its unaudited financial results for the first quarter ended March 31, 2011. Net revenues increased 53.2% YoY to USD 25.4 mln.
Net income attributable to AutoNavi shareholders was USD 10.6 mln in the first quarter of 2011, representing an increase of 1,083.8% year-over-year.
Net revenues from the automotive navigation market in the first quarter of 2011 were USD 19.1 mln, an increase of 56.0% year-over-year. The increase in revenues was mainly due to an increase in the number of copies of digital map data licensed for use in in-dash navigation systems, which is directly linked to the number of vehicles sold in China equipped with these systems.
Net revenues from the public sector and enterprise applications market in the first quarter of 2011 were USD 2.4 mln, an increase of 4.9% year-over-year. The quarter-over-quarter decrease was primarily the result of a decline in 3-D modeling applications projects and aerial photogrammetry projects, which were mainly due to flight schedule delays caused by unfavorable weather conditions during the first quarter of 2011.
Net revenues from the wireless and Internet location-based solutions business in the first quarter of 2011 were USD 3.7 mln, an increase of 109.1% year-over-year. The increases were primarily due to increases in revenues derived from the pre-installation of the company's navigation solutions on certain mobile phone models.
"eMotion," a General Motors-branded telematics system, which AutoNavi helped to develop, became available with the debut of General Motors' Chevrolet EPICA in China on May 4, 2011. The telematics system offers information via connected in-car mobile Internet service. Weather forecasts, news updates, stock market information, real-time traffic information, as well as other location-based information such as the locations of gas stations, parking lots, car dealerships and banks are all readily available. The system also has a new voice-guided feature.
AutoNavi expects full year 2011 net revenue guidance of approximately USD 117 mln to USD 120 mln, an increase of approximately 36% to 40% over fiscal year 2010.
To view AutoNavi's full earnings report, please click here.