AutoNavi Q3 2012 Profit Up 9% YoY
AutoNavi PR, 11/15/12
Chinese digital map provider AutoNavi (Nasdaq: AMAP) has announced its financial results for the three months ended September 30, 2012. Q3 2012 net revenue was USD 40.2 mln, an increase of 18.7% YoY from USD 33.9 mln in the third quarter of 2011, and flat compared to the second quarter of 2011.
Net income attributable to AutoNavi shareholders increased 8.8% YoY and 14.5% QoQ to USD 10.1 mln in the third quarter of 2012.
Net revenues from the automotive navigation market in the third quarter of 2012 were USD 23.9 mln, an increase of 9.2% YoY and a decrease of 4.0% over the previous quarter. These results were mainly attributed to changes in the number of copies of digital map data licensed for use with in-dash navigation systems, which is directly linked to the number of vehicles sold in China that are equipped with these systems.
The mobile and Internet location-based solutions business in the third quarter of 2012 achieved USD 11.1 mln in net revenues, representing an increase of 26.2% YoY and 0.8% QoQ. The increases were primarily attributed to the growth in revenues derived from the pre-installation of the company's navigation solutions on mobile phones.
Net revenues from the public sector and enterprise applications market in the third quarter of 2012 were USD 4.4 mln, an increase of 51.4% YoY and 12.9% QoQ. The YoY increase was largely attributable to certain new large aerial photogrammetry contracts entered this year. The sequential increase was a result of better progress of certain aerial photogrammetry contracts and an increased number of certain 3-D modeling application contracts during the quarter.
AutoNavi's free mobile map application had a total of 85 mln users and more than 45 mln monthly active users as of the end of the third quarter of 2012. This compares to a total of 65 mln users and more than 36 mln monthly active users at the end of the second quarter of 2012, and a total of 26 mln users and over 10 mln monthly active users at the end of the third quarter of 2011
The company maintains its estimate for full year 2012 net revenues, which is in the range of USD 152 mln to USD 159 mln, representing an increase of approximately 20% to 25% over the fiscal year 2011.
To view the complete report please see here.
Keywords: navigation profit revenue wireless active users AutoNavi AMAP Q3 2012 fiscal report mobile mapping e-mapping LBS automobile pre-installed
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