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NANJING Panda Electronics Co, the Chinese partner of Ericsson AB in manufacturing phone equipment, said yesterday its net profit rose 2.9 percent last year, stimulated by the increasing demand of 3G communication equipment and mobile phones.
The company, dual-listed in Hong Kong and Shanghai, earned 89 million yuan (US$13 million) last year, three million yuan more than a year earlier.
The earnings per share increased to 0.14 yuan from 0.13 yuan in 2006 according to Chinese mainland's new accounting standards, Nanjing Panda said yesterday in a statement to the Shanghai Stock Exchange.
Nanjing Panda rebounded 1.31 percent after it fell by its 10 percent daily cap on Thursday to close at 9.25 yuan in Shanghai, compared with a 4.94-percent jump of the Shanghai Composite Index.
Revenue climbed to one billion yuan from 0.9 billion yuan, due to sales increases contributed by its two telecommunications subsidiaries in Beijing and Nanjing.
The Nanjing, Jiangsu Province-based company owns 27 percent of a venture with Ericsson that produces equipment used in mobile-phone networks.
JV revenue boost
The joint venture, called Nanjing Ericsson Panda Communication Co, generated revenue of 15.7 billion yuan with a growth of 37.14 percent and its net profit increased 32.4 percent to 519 million in 2007.
The Nanjin-based JV also secured bids from China Mobile to provide it time division-synchronous code division multiple access (TD-SCDMA) equipment.
Meanwhile, Panda also owns 20 percent of a handset-production venture in Beijing with Sony Ericsson.
Fueled by the record increase in the number of Chinese mobile-phone users, Nanjing Panda aims to boost revenue to 1.1 billion yuan this year, a 10-percent growth over 2007.
Panda's other subsidiary on cathode ray tube, a component for traditional TV, suffered a 364-million-yuan deficit in 2007.
''The new technology TV has started to replace the traditional TV, and it's an irresistible trend,'' Panda said.
In China, LCD TV (liquid crystal display) sales will surpass the sales of traditional TV sales for the first time in 2009, according to DisplaySearch, a United States-based research firm.
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