Qiao Xing Mobile posts strong Q3, provides outlook
Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM), a chinese manufacturer of mobile handsets, reported third-quarter results and disclosed plans for future products.
For the three months ended Sept. 30, the small cap recorded net income before extraordinary items of RMB133 million (US$17.8 million), or RMB2.54 (US$0.34), which was a 19.6% increase from the third quarter of 2006, of RMB2.79. No analyst estimates were available.
Revenues were RMB832 million (US$111 million) in the third quarter of 2007, an increase of 28.3% from RMB648 million in the third quarter of 2006,
Qiao Xing attributed the increase in revenues to higher handset shipments and higher sales of the company's new high margin C6000 and T100 models.
Looking into 2008, the company stated that its overall business outlook remains “very optimistic.”
Qiao Xing has plans to launch its C3100 product, which features a bright flashlight, at the end of November 2007 and said it will bring to market its C3600 model in early 2008.
The company also noted that it is developing a new luxury series of handsets and recently set up a new subsidiary that will focus on partnering with the mobile operators in China and other overseas markets to bundle its phones with their services.
Shares of Qiao Xing (QXM) edged up $0.36, or 3.73%, to $10 ahead of the opening. Shares of Qiao Xing have been trading in the range of $ 6.92 to $15.48 for the past 52 weeks.
