China TMK Battery Systems Inc. reported large year over year increases in revenue and net income as the company benefited from strong demand for its products.
China TMK Battery Systems Inc. reported sales of $16.5 million in the quarter ending 9/30/2010, a 27% increase from the $13 million reported in the same quarter of 2009.
China TMK Battery Systems Inc. reported net income of $3.1 million, or $0.08 per diluted share, in the third quarter of 2010. The company earned net income of $1.1 million, or $0.08 per diluted share, in the third quarter of 2009.
The management of China TMK Battery Systems Inc. attributed the strong results to the continued market share inroads that environmentally friendly products are making into traditional markets.
“The secular growth for consumer products which utilize environmentally friendly rechargeable batteries continues to benefit our Company. Robust growth during the third quarter was driven by market share gains in China through larger orders from several existing customers and new customers,” said Henian Wu, the CEO of China TMK Battery Systems Inc.
China TMK Battery Systems Inc. is working on developing a hybrid electric vehicle (HEV) battery pack and has built a working prototype to be used for further research. The company is seeking partners within the automobile industry before applying for funds from governments that offer subsidies.
For more information on the company, go to www.tmk-battery.com/en/about.asp
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