Harbin Electric announces full-year 2010 results

Chinese motor manufacturer Harbin Electric has reported its fourth-quarter and full-year 2010 financial results for the year ended 31 December 2010.

Total revenues for the year came to $426.5m (£255.5m), up 91 per cent from $223.2m in 2009.

The $203.2m year-over-year revenue growth was attributable to $165.4m growth in industrial rotary motors, $15.7m growth in linear motors, $20.5m growth in speciality micro motors, and $1.6m growth in sales of other products.

The $165.4m-higher revenue in industrial rotary motors in 2010 versus 2009 was due to a $144.4m increase in sales at Xi’an Simo, having been acquired in October 2009; and a $21m increase in sales driven by higher volume and price at Weihai.