China Ritar Power announces quarterly results

China Ritar Power, a manufacturer of environmentally friendly batteries, has announced that, for the second quarter of 2010, revenue rose 57 per cent to $33.6m (£21.5m) from $21.4m in the second quarter of 2009. 

Gross profit for the quarter increased 35 per cent to $5.5m from $4.1m in the same period of 2009, while gross margin was 16.4 per cent − down from 19 per cent in the comparable quarter.

Net income was $2.3m − up 27 per cent from $1.8m a year ago − while fully diluted earnings per share were $0.1 compared with $0.09 in last year’s second quarter.