CPE announces higher income and revenues

China Power Equipment (CPE), a manufacturer of energy-saving electric transformers, has reported higher revenues and net income for the three months ended 31 March 2010.

Net revenues increased 113 per cent to $5.8m (£4m) from $2.7m in the first quarter of 2009, while gross profit increased 178 per cent to $1.5m from $0.6m in the first quarter of 2009.

Net income increased 252 per cent to $1.2m from $0.33m in the first quarter of 2009.

Basic earnings per share increased 300 per cent to $0.08 per share from $0.02 per share in the first quarter of 2009.