Cars

China Electric Motor nearly doubles profit

(Agencies)
Updated: 2010-08-07 10:47

China Electric Motor Inc, which makes parts for household appliances, autos and consumer devices, said Friday that its second-quarter profit nearly doubled.

The company, which is based in China and had its initial public offering?on the Nasdaq earlier this year, earned $4.1 million, or 20 cents per share, during the three-month period.

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That compares with last year's net income of $2.1 million, or 17 cents per share, the previous year.

Revenue climbed 13.3 percent to $25.3 million, up from $22.3 million last year as customers bought more expensive products.

Also Friday, China Electric Motor said it expected to earn between $4.3 million to $4.7 million during the third quarter. That would put its per-share net income between 20 cents and 22 cents. It anticipates third-quarter revenue of $30 million to $31.5 million.

For the full-year, the company said it expects to earn between $17.2 million and $18.5 million for the year with revenue between $110 million and $120 million.

China Electric Motor shares rose 13 cents, or 2.8 percent, to close at $4.88 on Friday.