Heli Electronics shares jump 26% on 226% growth in revenue and profits
Heli Electronics Corp. (OTCBB:HELI), a marketing, distribution and after-sales service company for audio-visual (AV) products in China, has today released its second quarter 2010 financial results, reporting revenue of $24.9 million - a whopping 226% increase over its Q2 2009 revenue due to increased business in the AV industry.
The company has seen its share price soar since the release of its news by more than 25% to $0.083. Its net income also saw a significant increase of 226% to approximately $2.0 million compared to the same period last year.
"It is clear from Heli's second quarter 2010 financial results how far the company has come in such a short period of time. In just two years, our company has grown to become one of the premier marketing and distribution agencies in China, as well as the primary sales, marketing, and logistics agency of China's top brand name in electronics and certainly AV products, Haier Electronics," said president and CEO of Heli Mr. Xin Qiu, in a statement.
The company continues to look for new partnerships and venture into other areas of electronics, it said. It also anticipates its business with Haier Electronics to grow significantly, well into 2011.
Heli's assets increased from the end of 2009, with total assets of $17.3 million as at June 30, 2010, an increase of 253.4% over the last six months.
Heli Electronics is based in Guangzhou, China and was founded in March 2008. It is the primary marketing, promotion, logistics, and after-sales service agency of audio and visual products for Haier Group.
The company seeks to establish a broad network in China to provide after-sales service, brand establishment, brand promotion, distribution, and logistics management of a wide array of electronics and electrical appliances.
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