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.