Nam Tai Electronics announced unaudited financial results for third quarter 2011

Nam Tai Electronics, Inc., the British Virgin Islands-registered and Hong Kong-based corporation working in the sphere of electronics manufacturing and design services, announced its unaudited results for the third quarter ended September 30, 2011.

In the third quarter of the year 2011, company’s net sales were US$147,4mln, 15.6% down as compared to US$174,7mln in the third quarter of the year 2010. Gross profit in the amount of US$8.1 mln in the third quarter of 2011 is a 54.6% decrease from US$17.9mln in the same quarter last year. Gross profit margin in the third quarter of 2011 decreased to 5.5%, down from 10.2% in the third quarter of 2010. Because of lower gross margins, operating income of Nam Tai Electronics was US$0.1mln in the third quarter of 2011, much lower as compared to US$7.3 mln in the third quarter of 2010. Also, in the reported period the BVI company earned net income of US$0.6 mln, down from the US$7.6mln in the third quarter of the last year. Interest income of the company was US$0.6mln, and currency exchange gains were US$0.9mln.

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