China Ritar Power estimates 2010 third-quarter results

Nanogel battery supplier China Ritar Power has announced that for the third quarter of 2010 it expects revenue to be between $30.5 and 32.5m (£19 and 20.2m) and income from continuing operations to be in the range of $1.65 to $1.80m.

This updated result is due to sharp increase in lead prices, delay of delivery in several large contracts and appreciation of RMB exchange rate, which resulted in higher cost for the company in dollar terms.

For the fourth quarter China Ritar expects the revenue to be in the range of $29m to $34m.

China Ritar will provide full third-quarter results during its regularly scheduled earnings call on 15 November 2010.