Nam Tai Electronics announces unaudited financial results for Q3 2010

British Virgin Islands-registered company Nam Tai Electronics, Inc. announced its unaudited results for the third quarter of the year ended September 30, 2010. In the reported period, Nam Tai’s sales were US$174.7 million, an increase of 58.3% as compared to US$110.4 million in the same quarter of the previous year. In the third quarter, company’s gross profit margin was 10.2% – down from 11.4% in the third quarter of 2009. The year-over-year decline in gross profit margin was attributable to start-up losses related to company’s new production.

In the third quarter of 2010, company’s gross profit was US$17.9 million, this is an increase of 41.6% as compared to US$12.6 million in the same period of 2009. According to company’s announcement, the increase primarily results from the increase of sales and the effects of costs savings.

In the period ended September 30, 2010, the BVI company reported net income attributable to Nam Tai shareholders in the amount of US$7.6 million, an increase of 68.9% as compared to net income of US$4.5 million in the third quarter of 2009. The profit in the reported period primarily resulted from the overall increase of sales. Basic and diluted earnings per share were US$0.17, as compared to US$0.10 in the third quarter of 2009.

For the nine months period ended September 30, 2010, company’s net sales were US$367.9 million, an increase of 17% as compared to US$314.4 million in the same period of the previous year. Net income for the nine months was US$9.7 million, as compared to US$1.2 million in the same period of last year. Basic and diluted earnings per share in the nine months ended September 30, 2010 were $0.22, as compared to $0.03 for the same period of last year.

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