BVI-incorporated company Nam Tai Electronics, Inc. reported its unaudited financial results for the third quarter of the year ended September 30, 2013. The company announced that its net sales in Q3 2013 (not including the discontinued operations) were US$284.2 million – an increase of 61.5% as compared to the net sales of US$176 million for the third quarter of 2012. With respect to the discontinued operations (mainly the Wuxi production), for the third quarter of 2013 the net sales were nil (US$206.0 million in Q3 2012), gross loss was ($0.2) million (US$15.4 million profit in 2012), and operating loss was ($0.4) million (US$13.4 million operating income in Q3 2012).
In the reported period of 2013, gross profit of Nam Tai Electronics was US$23.4 million, as compared to US$19.9 million in the third quarter of 2012. For the third quarter of 2013, gross profit margin was 8.2%, as compared to 11.3% in the third quarter of 2012.
In the quarter ended September 30, 2013 (excluding the discontinued operations), the BVI company reported operating income of US$19.3 million – an increase of 35.5% compared to US$14.3 million in the third quarter of 2012. Nam Tai recorded revenue of US$284.2 million, excluding discontinued operations in Wuxi in the third quarter of 2013. This revenue was attributed to the manufacturing of high-resolution LCMs for smartphones at the Company’s Shenzhen facility. LCM production is the core business for Nam Tai, which has an established reputation as a high quality LCM provider. BVI company’s cash and deposits were US$238.6 million as at September 30, 2013.