Cogo posts first-quarter financial results

Cogo Group, a provider of customised embedded solutions for the technology manufacturing sector in China, has reported revenue of $81m (£54m) for the quarter ending 31 March 2010.

This is up 28 per cent year over year, compared with $63.3m reported in the first quarter of 2009.

Net income attributable to Cogo for the first quarter of 2010 was $3.5m, up 123.9 per cent from $1.6m in the same period last year, with non-GAAP net income (excluding share-based compensation expense, acquisition-related costs including the amortisation of intangible assets and related deferred taxation) up 43.3 per cent over the first quarter of 2009.

Earnings per share (EPS) diluted attributable to Cogo Group on a US GAAP basis was $0.09, while non-GAAP EPS diluted was $0.17, up 41.7 per cent from the first quarter of last year.