Nov. 25, 2010 (China Knowledge) - China Techfaith Wireless Communication Technology Ltd<CNTF> on Nov. 23 posted US$68.6 million-net revenue for the third quarter of this year, reflecting a year-on-year increase of 30% from US$52.8 million.

Sources reported that the company and the Beijing Economic-Technological Development Area, or BDA, plan to spend a total of US$70 million to build a plant in Beijing for the production of smart phones and tablet computers.

The firm's net profit was US$4.3 million, compared with US$3.4 million of net loss it suffered in the corresponding period of 2009.

Gross profit margin was 24% and operating profit surged 61% year on year to US$9 million.  

The Nasdaq-listed company, a China-based original developed product provider focused on the design and development of handsets and sales of finished products, also forecasted operating revenue of between US$74 million and US$77 million for the fourth quarter.