DVN returns to black as sales surge
DVN (Holdings), the mainland's largest maker of digital TV set-top boxes, returned to profitability in the first six months of this year as sales soared 4.2 times to more than 1.4 million units.
The company yesterday said its first-half profit was HK$41 million, compared with a loss of HK$12.7 million in the year-earlier period. Revenues soared to HK$652.8 million, from HK$85.5 million.
Four-fifths of the company's sales were in Guangxi Zhuang Autonomous Region, with the remainder in cities including Jiuzhou, Sichuan province, and Foshan in Guangdong.
The company, in which Motorola of the US has an 18.53 per cent stake, now has 50 per cent of the mainland market, according to chief executive Terry Lui.
'Over three million set-top boxes used by China cable subscribers are produced by DVN,' Mr Lui said, adding that total installed digital cable boxes reached six million as of July 31.
DVN plans to enter the cable television system management business with its largest shareholder, Beijing Citic Group.