BYD posts near 100% increase in 1H10 revenues

China-based handset battery maker and ODM BYD posted 7.468 billion yuan (US$1.098 billion) in revenues for the first half of 2010, up 96.47% on year, according to the China-based company. First-half operating profit increased 72% on year to 908 million yuan and EPS rose 58.23% to 0.16 yuan.

BYD's gross margin in the first half fell to 12.16% from 13.89% in 2009 largely due to an increase of the lower margin handset assembly business and pressure to lower costs from brand vendors.

Handset assembly now accounts for 55.4% of the company's revenues, with businesses under the ODM model as the main growth driver. TD-SCDMA handsets currently represent 40% of its ODM revenues.

In the China market, shipments of 3G handsets in 2010 will reach 60 million units, rising 400-500% from 2009, BYD said.

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