In January, Global-Tech Advanced Innovations Inc., a holding company registered in the British Virgin Islands, announced its financial results for the second quarter ended September 30, 2011 – this is company’s second quarter of fiscal 2012.
For the reported period, net sales of the BVI company were US$33.8 million, an increase of 35% when compared to US$25.0 million reported for the second quarter of the year 2012. Net sales of home appliances and electronic components increased approximately 58% and 31%, respectively, while revenues in electronic manufacturing services declined approximately 13% for the second quarter of 2012. Net income was US$1.2 million, or US$0.39 per share, compared to a net loss of US$0.9 million, or US$0.29 per share, for the second quarter of fiscal 2011.
For the six months period ended September 30, 2011, net sales were US$58.9 million, up 16% as compared to US$50.8 million in the same period of fiscal 2011. In the first six months of 2012, net sales of home appliances and electronic components increased approximately 18% and 19%, respectively, while revenues in electronic manufacturing services declined approximately 3%, compared to the same period in fiscal 2011. Net loss in the reported period of fiscal 2012 was US$0.4 million, or US$0.13 per share, compared to a net loss of US$0.1 million, or US$0.03 per share, for the corresponding period of fiscal 2011.
John C.K. Sham, BVI company’s CEO and President, said in his comments on the results for the second quarter that company’s cash less short-term debt position has improved significantly since the end of fiscal year 2011 and, as of September 30, 2011, now exceeds US$13.00 per share.