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China BAK Battery's loss expands to US$15.6 million in Q2

May. 8, 2012 (China Knowledge) - China BAK Battery Inc<CBAK>, a global manufacturer of lithium-based battery cells, suffered US$15.6 million in net loss in the second quarter of fiscal year 2012 ended Mar. 31, 2012, compared with a net loss of US$4.1 million in the same quarter of fiscal year 2011.

Diluted loss per American Depositary Share was US$0.25 in the three months ended Mar. 31, 2012, compared with diluted loss per ADS of US$0.06 in the corresponding period of 2011.

During the period from January to March 2012, the U.S.-listed firm reaped US$32.8 million in operating revenue, down 29.8% year on year from US$46.7 million, principally dragged down by shrank demand for prismatic cells and cylindrical cells.

Revenues from high-power lithium battery cells, mainly used in electric bicycles, electric vehicles and power tools, totaled US$2.3 million in the second quarter of fiscal year 2012, jumping 197.3% year on year from US$800,000.

As of Mar. 31, 2012, China BAK Battery had US$16.7 million in cash.

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