China BAK Battery announces fourth quarter and year results

Manufacturer China BAK Battery has announced its financial results for the fourth quarter and fiscal year ended 30 September 2010.

Net revenues for the fourth quarter were $55.6m (£35.7m), down 5.1 per cent from $58.6m last quarter and down 3.4 per cent from $57.6m for the same period in fiscal 2009.

Gross profit for the fourth quarter of fiscal year 2010 was $5.3m, or 9.5 per cent of net revenues, compared to gross loss of $1.2m in the last quarter and gross profit of $8.1m, or 14.1 per cent of net revenues, in the fourth quarter of the previous year.

For fiscal year 2010, net revenues were $214.8m, up 1.7 per cent from $211.1m in fiscal 2009, gross profit was $22.7m or 10.6 per cent of net revenues, down 15.3 per cent from $26.8m or 12.7 per cent of net revenues for fiscal 2009.

Net loss was $32.8m, or diluted loss per share of $0.53, compared to net loss of $14m, or diluted loss per share of $0.25, of last year.