The British Virgin Islands-registered Nam Tai Electronics, Inc., the company working in the sphere of electronics manufacturing and design services, published its unaudited results for the second quarter ended June 30, 2009, and reported that the business environment in Nam Tai’s product sectors remained difficult and highly competitive
In the period of the second quarter of 2009 Nam Tai reported net sales of $101.8 mln, more than 30% lower than in the same period of the last year, as compared to $146.2 mln sales level in the same quarter of 2008.
The reported gross profit was $10.4 mln, a decrease of 49.8% as compared to $20.8 mln in the second quarter of 2008. Net income attributable to Nam Tai shareholders in the second quarter of 2009 was $0.6mln, as compared to the net income of $11.8 mln in the same quarter of 2008. Basic and diluted earnings per share were $0.01, compared to $0.26 in Q2 2008.
The weak demand in the market negatively affected sales of all company’s end-user consumer products, including mobile phone accessories, optical products and home entertainment devices. In the second quarter 2009, company’s gross profit margin made 10.2% as compared to 14.2% in the same period 2008. This became the result of the decline in sales as well as the shift of sales mix.
For the six months ended June 30, 2009, Nam Tai reported $204 mln, a decrease of 30.5% as compared to $293.3 mln in the same period last year. BVI company’s gross profit margin in the first six months of 2009 was 8.6% as compared to 13.7% in the same period of 2008. Gross profit in the six months period was $17.5 mln – a 56.5% decrease as compared to $40.3 mln in first half of 2008. For the first six months of 2009, the BVI company reported an operating loss of $5.1 mln, compared to operating income of $16.4 mln in the same period last year.