China Financial Results 20/11/13 – KongZhong, Jiayuan, Fuwei Films, Ming Yang Wind Power, China Zenix Auto

KongZhong Corporation Reports Unaudited Third Quarter 2013 Financial Results

  • Revenues exceed guidance – Total revenues for the third quarter of 2013  increased 1.2% from the second quarter of 2013 but a 11.7% decline from the same period last year to US$ 44.08 mn, exceeding the guidance range of US$ 43.0 mn to US$ 44.0 mn.
  • Total gross profit increased 7.0% from  the second quarter of 2013 and flat from the same period last year to US$19.10 mn, inline with the guidance range of US$ 19.0 mn to US$20.0 mn.
  • Net loss in 3Q13 was US$2.68 mn, which included a $1.56 mn impairment loss on intangible assets and $ 2.0 mn impairment loss on long term investments. Excluding these impairment losses, net income in 3Q13 was US$0.88 mn, in line with the Company’s guidance range of US$ 0.5 mn to US$ 1.5  mn.
  • Cash and cash equivalents – As of September 30, 2013, the Company had US$204.81 mn in cash and cash equivalents, term deposits, held-to-maturity securities and restricted cash or US$ 4.71 per ADS in cash and cash  equivalents, term deposits, held-to-maturity securities and restricted cash.

Jiayuan Announces Third Quarter 2013 Financial Results

  • Net revenues for the third quarter 2013 were RMB128.7 million (US$21.0 million), representing a year-over-year increase of 13.4% and a sequential  increase of 7.9%.
  • Operating income for the third quarter 2013 was RMB14.4 million (US$2.3  million), a decline of 14.1% compared to RMB16.7 million for the  corresponding quarter of 2012, and an increase of 15.0% compared to  RMB12.5 million for the previous quarter.
  • Net income for the third quarter 2013 was RMB17.6 million (US$2.9  million), an increase of 10.7% compared to RMB15.9 million for the corresponding quarter of 2012, and an increase of 35.1% compared to RMB13.1 million for the previous quarter.

Fuwei Films Announces Third Quarter Fiscal 2013 Unaudited Financial Results

  • Revenues for the third quarter ended September 30, 2013 were RMB75.9 million (US$12.4 million), representing a decrease of 14.5% from RMB88.8 million in the third quarter of 2012.
  • Gross loss was RMB9.9 million (US$1.6 million) for the third quarter ended September 30, 2013, representing a gross loss rate of 13.0%, as compared to a gross profit rate of 1.0% for the same period in 2012. Correspondingly, gross loss rate increased by 14.0 percentage points compared to the same period in 2012.

Ming Yang Wind Power Reports Third Quarter 2013 Unaudited Results

  • Total revenue was RMB960.8 million (US$157.0 million), an increase of  22.0% compared to RMB787.8 million in Q3 2012.
  • Gross profit was RMB126.5 million (US$20.7 million), a decrease of 7.8%  compared to Q3 2012. Gross margin was 13.2% for Q3 2013, compared to 17.4%  in Q3 2012.
  • Total comprehensive loss was RMB71.3 million (US$11.7million), compared to total comprehensive income of RMB4.9 million in Q3 2012.
  • Total comprehensive loss attributable to shareholders was RMB54.8 million (US$9.0 million), compared to total comprehensive income attributable to  shareholders of RMB5.3 million in Q3 2012.
  • Basic and diluted loss per share was RMB0.43 (US$0.07), compared to basic and diluted earnings per share of RMB0.03 in Q3 2012.

China Zenix Auto International Regained Growth in Third Quarter of 2013

  • Revenue increased 22.0% to a third-quarter record of RMB930.1 million (US$152.0 million)
  • Gross margin of 21.2%
  • Profit and total comprehensive income for the period rose 7.9% to RMB60.9 million (US$10.0 million) with earnings per American Depositary Share (“ADS”) of RMB1.18 (US$0.19).
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