- China Information Technology (CNIT) saw revenue rise 26.1% Y/Y in 1H to $37.3M and EPS improve to -$0.19 from -$0.31 in 1H 2012.
- Gross profit decreased 11.2% to 7.7M.
- Operating loss ballooned 152.4% Y/Y to $51.6M from $20.3M in 1H 2012 as Administrative expenses shot up 207.3% Y/Y to $44.6M. The jump comes on the back of a $32.7M increase in provision for doubtful accounts, reflecting "the new Chinese government fiscal environment where budgetary constraints may hinder or significantly delay the payment by certain local government institutions." (PR)
China Information Technology reports 1H results
Aug 30 2013, 11:11 ET