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BEIJING, Aug. 12, 2010 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, today announced its unaudited financial results for the quarter ended June 30, 2010.
Second Quarter 2010 Highlights
Net revenues in the second quarter of 2010 were $22.1 million, an increase of 63.1% year-over-year from $13.6 million in the second quarter of 2009.
Gross profit in the second quarter of 2010 was $14.7 million, an increase of 63.0% year-over-year from $9.0 million in the second quarter of 2009.
Operating income in the second quarter of 2010 was $7.2 million, an increase of 156.5% year-over-year from $2.8 million in the second quarter of 2009.
Net income attributable to AutoNavi shareholders was $6.2 million, an increase of 180.5% year-over-year from $2.2 million in the second quarter of 2009.
"We are excited to report quarterly earnings for the first time as a public company," said Mr. Congwu Cheng, AutoNavi's chief executive officer. "We continued to achieve strong overall growth in the second quarter as we leveraged our leading market position and advanced technology platform to capitalize on growth opportunities in our key business lines. With the increased brand awareness following our successful IPO in July, we hope to further solidify our market position, expand our business and scale up our revenues to achieve better profitability."
Second Quarter 2010 Results Revenues
Net revenues in the second quarter of 2010 were $22.1 million, representing an increase of 63.1% year-over-year from the second quarter of 2009 and 33.4% sequentially from the first quarter of 2010.
Net revenues from the automotive navigation market in the second quarter of 2010 were $16.6 million, an increase of 125.7% year-over-year and 35.8% sequentially. The increases were mainly due to an increase in the number of copies of digital map data licensed for use in in-dash navigation systems, which is directly linked to the number of vehicles sold in China that are equipped with these systems.