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Nasdaq-listed Kandi Tech posts 60% profit plunge for Q1

May. 16, 2012 (China Knowledge) - Kandi Technologies Corp<KNDI>, a Chinese manufacturer and exporter of off-road vehicles, earned U$2.38 million in net profit for Q1 2012, plunging 60% YoY from US$5.94 million.

Diluted earnings per American Depositary Share were US$0.08 in the three months ended Mar. 31, 2012, less than US$0.20 in the same period of last year.

On a non-GAAP basis, the Nasdaq-listed firm's net profit, however, surged 124% YoY from US$0.66 million to US$1.47 million. Diluted earnings per ADS for Q1 2012 were US$ 0.05, more than US0.02 from a year earlier.

Revenue grew 72% from a year earlier to US$14.36 million during Q1 2012.

In the reporting period, the firm's sales of all-terrain vehicles (ATVs) totaled 5,124 units, jumping 216% from 1,620 units a year ago.

Kandi Technologies is mainly engaged in the development of ATVs, specialized utility vehicles (UTVs), two-seat three-wheeled motorcycle and electric vehicles, sources reported.

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