Harbin Electric announces third quarterly financial results

Electric-motor manufacturer Harbin Electric has reported its financial results for the third quarter of 2010, revealing total revenues of $109.4m (£67.9m) up 133 per cent from the same period last year.

This $62.42m growth was mainly attributable to $2.91m growth in linear motors, $6.86m growth in specialty micro motors, $51.75m growth in industrial rotary motors, and $0.9m growth in other products.

The company recorded a net income attributable to controlling interest of $17.87m ($0.57 per diluted share) in the third quarter of 2010, compared with a net loss of $1.91m (a loss of $0.07 per diluted share) in the same period a year ago.

Operating income totalled $21.85m, compared with $13.04m in the third quarter of 2009, representing a 68 per cent year-over-year growth.