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China TechFaith swings to 1Q profit on sales

By Associated Press
May 19, 2008 | Comments (0)

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Cell phone design company China TechFaith Wireless Communication Technology Ltd. said Monday it swung to a first-quarter profit on sales of middle to high-end cell phones.

The company earned $2.9 million, or 7 cents per share, compared with a loss of $3.4 million, or 8 cents per share, in the same period last year.

Sales rose 81.7 percent to $49.6 million from $27.3 million.

The company said it continued to benefit from its transition to manufacturing self-designed products, especially in the middle to high-end cell phone market. It said it has strong European sales for the latest generation of cell phones.

Shares in the Beijing-based company rose 12 cents to close at $6.67. They fell 87 cents, or 13 percent, to $5.80 in after-session trading following the release of the first-quarter results.

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