Heli Electronics Corp., a marketing, distribution and after-sales service company of Audio-Visual products in China, today posted its second quarter 2010 financial results.
Heli is the primary marketing and distribution agency of Haier electronics in China, which reported revenue of $24.85 million for the three months ended June 30, 2010, a 226.3-percent increase compared to its second-quarter 2009 revenue of $7.61 million. For the six months ended June 30, 2010, Heli reported revenue of $43.69 million, up 211.6 percent over the $29.67 million reported over the first six months of 2009.
Heli posted net income for the second quarter at $1.98 million, up 225.7 percent from second quarter 2009 net income of $609,028. For the six months ended June 30, 2010, the company posted net income of $3.50 million, an increase of 232.3 percent over the $1.05 million reported for the six months ended June 30, 2009. Operating income for the quarter rose 226.1 percent to $2.64 million.
Xin Qiu, president and CEO of Heli, said the results reflect the company’s commitment to growth.
“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. The confidence that Haier has in Heli Electronics, as well as our shareholder’s confidence, will help us continue to grow our business for the remainder of the year and beyond,” Qiu stated in the press release.
The company also increased its asset base from the end of 2009, reporting total assets of $17.28 million at June 30, 2009, up 253.4 percent over the last six months.
Heli attributes its financial position to increased business in the audio-visual industry in Mainland, China, as well as its existing relationships with China’s top two consumer electronics chains, GOME and Suning.
The company has significantly increased its business with Haier Electronics’ AV Division, and said that it expects the business to grow significantly throughout 2011.
For more information visit www.helielectronics.com