China Technology Development Group files six month financials
Shares of China Technology Development Group Corp. (Nasdaq: CTDC) took off today after the provider of information technology and network security services in China filed unaudited financial results late Friday for the six month period ended June 30, reminding investors of the firm’s strong performance for the first half of the year.
For the six month period, the Chinese company recorded a net income of $796,000, compared with a net loss of $736,000 in the same period in 2006. The results exclude the company’s new solar energy business announced on Sept. 7.
“The company's interim results for the six months ended June 30, 2007 has been a good progress despite some keen competition in the existing businesses,” said Alan Li, China Technology’s CEO, in a statement. “We plan to focus on the new venture plans in the renewable energy business to pave the way for the company's longer-term growth and expansion.”
Shares of China Technology (CTDC) advanced 37.2%, or $3.11, to $11.47 at 1:05 p.m. ET. Shares of China Technology have been trading in the range of $2.60 to $11.87 for the past 52 weeks.
