China Financial Results 26/11/13 – China Hydroelectric, TechFaith, Shanda Games, China Nepstar, LDK Solar

China Hydroelectric Corporation Announces Results for the Third Quarter 2013

For the third quarter of 2013, revenues from continuing operations (net of value-added tax) declined by 18.4% year over year to $16.4 million, due to a 14.1% decline in electricity sold. We recorded a net loss attributable to China Hydroelectric shareholders from continuing operations of $3.0 million for the third quarter of 2013, compared to $1.7 million for the same period of 2012, partially attributable to a $3.5 million asset impairment loss related to flood damage at the Liyuan project in Sichuan province.

 

TechFaith Reports Third Quarter 2013 Financial Results

For the third quarter of 2013, TechFaith reported net revenue of US$29.9 million, a decrease of 0.9% compared to US$30.2 million in the previous quarter. Revenue in the third quarter of 2013 from the Company’s Original Developed Product (ODP) segment was US$21.3 million compared to US$20.1 million in the previous quarter and US$13.3 million in the third quarter of 2012. Revenue in the third quarter of 2013 from the Company’s Brand name phone sales segment was US$8.1 million, compared US$8.4 million in the previous quarter and US$11.3 million in the third quarter of 2012. Revenue from the Company’s Game segment was US$0.49 million compared to US$1.6 million in the previous quarter and US$6.9 million in the third quarter of 2012.

Shanda Games Reports Third Quarter 2013 Unaudited Results

Non-GAAP Financial Highlights
  • Net revenues were RMB1,124.7 million (US$182.9 million), up 2.9% QoQ and 3.3% YoY.
  • Gross profit was RMB818.3 million (US$133.2 million), down 1.3% QoQ and 2.3% YoY. Gross margin was 72.8%, compared with 75.8% in Q2 2013 and 76.9% in Q3 2012.
  • Operating income was RMB483.1 million (US$78.6 million), up 3.6% QoQ and down 3.1% YoY. Operating margin was 43.0%, compared with 42.6% in Q2 2013 and 45.8% in Q3 2012.
  • Net income attributable to the Company’s shareholders was RMB429.0 million  (US$69.9 million), down 16.2% QoQ and 2.8% YoY. Net margin was 38.1%, compared with 46.9% in Q2 2013 and 40.5% in Q3 2012. The sequential decrease was primarily due to a one-time benefit of RMB97.2 million (US$15.8 million) recorded in income tax expense in Q2 2013 associated with a tax refund for a subsidiary. Excluding the one-time tax impact,  net income would have increased 3.4% QoQ.
  • Earnings per diluted ADS were RMB1.60 (US$0.26), compared with RMB1.92 in Q2 2013 and RMB1.60 in Q3 2012.

China Nepstar Chain Drugstore Reports Third Quarter 2013 Financial Results

For the quarter ended September 30, 2013:
  • Same store sales increased by 10.5% compared with the third quarter of  2012
  • Revenue grew by 7.7% compared with the third quarter of 2012
  • Net loss was RMB4.7 million
  • Net cash-flow from operating activities was RMB10.6 million (US$1.7  million), compared to RMB0.05 million in the third quarter of 2012

LDK Solar Reports Financial Results for the Third Quarter of Fiscal 2013

Net sales for the third quarter of fiscal 2013 were $156.6 million, compared to $114.7 million for the second quarter of fiscal 2013, and $291.5 million for the third quarter of fiscal 2012.  Gross loss for the third quarter of fiscal 2013 was $37.6 million, compared to gross loss of $53.8 million in the second quarter of 2013, and gross loss of $32.5 million for the third quarter of fiscal 2012.  Gross margin for the third quarter of fiscal 2013 was negative 24.0%, compared to negative 46.9% in the second quarter of fiscal 2013, and negative 11.2% in the third quarter of fiscal 2012.
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