BVI-domiciled Bonso Electronics Announces Financial results for the three and nine month periods ended 31 December 2006
Bonso Electronics International, Inc., a company incorporated in the British Virgin Islands, and engaged in design and manufacturing of sensor based and communications products, has reported on Thursday, February 15 the financial results for the three and nine month periods ended 31 December 2006.
The reported sales for the third quarter 2006 were approximately $18.9 million – that is 17% more than for the same period of 2005. Despite the turonever increase, the Company had a net loss of about $630,000, if compared to a net loss of approximately $76,000, for the same period last year.
For the nine month period ended 31 December 2006 the sales were approximately $55.7 million, that is an 11% increase compared to the same period of 2005, when the sales made approximately $50.2 million. Net income for the nine-month period ended 31 December 2006 was $311,000, which is 62% lower than the net income for the same period last year, which made $815,000.
Mr. Anthony So, President and CEO of the BVI company, stated the two primary factors which negatively impacted the gross profit margin. The first major factor was named by him as water damage to approximately $678,000 of inventory at company’s Germany warehouse, and the second one was the loss of approximately $199,000 relating to the return of defective scales for repair.
The company’s President added, “We still maintain a strong cash position and our cash position at the end of the third quarter was approximately $13 million ($2.33 per share).”
The BVI-registered Bonso Electronics manufactures telecommunications products, electronic scales, weighing instruments and health products in the People’s Republic of China, mainly for North America and Europe. Company services include product design and prototyping, production tooling, procurement of components, total quality management, and delivery.