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AAC Technologies posts higher quarterly earnings

AAC Technologies Holdings Inc. said its first-quarter net profit climbed to 1.13 billion yuan from the prior-year quarter's 1.06 billion yuan, buoyed by tax cuts and investment gains.

The electronic components company's EPS for the quarter also rose to 92.12 fen from 86.45 fen reported in the same quarter last year.

Revenue for the first quarter rose to 4.64 billion yuan, from 4.22 billion yuan reported a year ago, boosted by the increased used of its products in Android smartphones.

Cost of goods sold also rose to 2.88 billion yuan from the prior-year period's 2.46 billion yuan.

The company's research and development costs came in at 362 million yuan, increasing from 337 million yuan reported in the comparable period.

Taxation expense declined to 109.8 million yuan, down from 164.3 million yuan recorded in the same quarter last year. Finance costs climbed to 50.8 million yuan from 31.7 million yuan posted in the comparable period.

As of May 14, US$1 was equivalent to 6.34 yuan.