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China TechFaith 2Q Profit Rises On One-time Gain

SEATTLE (AP) ¿ Cell phone design and manufacturing company China TechFaith Wireless Communication Technology Ltd. said Monday its second-quarter profit rose 17 percent, helped by a one-time gain.

But sales slipped 12 percent, and investors sent shares down 6 cents, or 2 percent, to $2.88 in after-hours trading. Earlier, the stock gained 21 cents, or 7.7 percent, to close at $2.94.

The Beijing-based company's earnings for the three months ended June 30 increased to $4.5 million, or 10 cents per U.S.-traded share, from $3.9 million, or 9 cents per share in the same period last year.

Results included a $2.1 million gain from a change in fair value of certain debt.

Sales slipped 12 percent to $49.8 million from $56.6 million in the year-ago quarter. TechFaith's product sales group's revenue dropped 6 percent to $48 million. Its handset design business' revenue sank 71 percent to $1.6 million.

The company said its deputy chief executive, Wilson Cai, is resigning because of personal health concerns. Cai replaced Bob Huo a year ago. His spot on the board will be filled by Dong Deyou, another TechFaith executive.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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