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China BAK Battery's loss narrows to US$1.8 mln in Q1

Feb. 8, 2012 (China Knowledge) - China BAK Battery Inc<CBAK>, a global manufacturer of lithium-based battery cells, has posted US$1.8 million-net loss for the first quarter of fiscal year 2012 ended Dec. 31, 2011, compared with a net loss of US$3.7 million in the same quarter of fiscal year 2011.

Diluted loss per American Depositary Share was US$0.03 in the first quarter of fiscal year 2012, compared with US$0.06 in the same quarter of fiscal year 2011.

The Nasdaq-listed firm's operating revenue for the first quarter of 2012 stood at US$71.8 million, reflecting a sequential increase of 16.5% from US$61.6 million or 12.9% year on year from US$63.5 million.

Revenues for the first quarter of 2012 derived from high-power lithium battery cells amounted to US$1.1 million, representing a plunge of 49.6% from a year earlier.

The company's gross profit for the reporting period soared 40.4% year on year from US$10 million to US$14 million with gross margin of 19.6%.

At the end of last year, China BAK Battery had US$5.9 million in cash.

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