China Digital TV Q3 profit increases
Louise Duffy ©RapidTVNews | 23-11-2011 China Digital TV has reported Q3 2011 net revenues of US$25.9 million, representing a 22.5% increase from the same period in 2010 and a 4.7% increase from the second quarter of 2011.
The company shipped approximately 4.66 million smart cards in the third quarter of 2011, compared with 3.95 million in the same period in 2010 and 4.64 million in the second quarter of 2011.
Gross margin in Q3 2011 was 80.5%, compared with 78.0% in the same period in 2010 and 81.4% in the second quarter of 2011.
Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the third quarter of 2011 were US$0.17, the same as that in the same period in 2010.
Jianhua Zhu, China Digital TV's chairman and chief executive officer, said: "I'm very pleased to report that China Digital TV achieved another solid quarter, with excellent year-on-year revenue and shipment growth. In the third quarter, robust demand for our advanced CA products, driven by the continuation of provincial-level cable network consolidation and investment in digitalisation projects, was the main driver of our steady growth."
Zhenwen Liang, China Digital TV's chief financial officer, added: "Our excellent top-line growth during the third quarter is a reflection of strong market demand and China Digital TV's clear industry leading position.
"China Digital TV's R&D investment increased during the third quarter as we continued to develop our next generation products. Seeking investment opportunities and expanding cooperation with our business partners and cable operators remain our high priorities. Meanwhile, we remain committed to managing operational expenses and continually enhancing efficiency."