China Techfaith Wireless Communication Technology (TechFaith) has reported net revenues of $78.7m for the first quarter of 2011, an increase of 29% compared to $60.9m for the same quarter previous year.
For the quarter ended 31 March 2011, the company posted a gross margin of 32% compared to 22% for the same quarter of 2010 and 28% in the previous quarter.
The company posted an operating income of $15.8m, an increase of 151% compared to $6.3m for the same period last year.
Net income attributable to TechFaith for the first quarter of 2011 was $13.8m, compared to net income of $7.1m for the same period last year.
The EPS for the first quarter was $0.26 compared to $0.15 for the same quarter previous year.
TechFaith mobile phone business president and chief operating officer Deyou Dong said demand for their mobile phone products remains strong based on their innovative offerings, quality performance, functionality and total value offered by the company.
"We plan to launch an additional six models in the second quarter of 2011, of which the majority will be smartphones as we leverage continued demand for Android-based offerings," Dong said.