Coolpad’s profitability surges 48%
Print Edition
SMARTPHONE maker Coolpad yesterday said its net profit surged nearly 48 percent in 2014 as it sold more devices and expanded into e-commerce.
Hong Kong-listed Coolpad earned a net profit of HK$514 million (US$66 million) last year, up 47.6 percent from a year ago. Its revenue was HK$24.9 billion, up 26.9 percent.
Its gross profit margin dipped 0.8 percentage points to 12.1 percent in 2014 amid fierce competition in the domestic smartphone market.
Coolpad’s overseas revenue totaled US$2 billion, a 300 percent surge year on year.
Coolpad got a US$409 million investment for a handset joint venture from Qihoo 360, China’s biggest Internet security firm. The two companies will debut a new mobile operating system in the near future, industry watchers said.
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