China Wireless Technologies Limited (2369.HK) saw net profit fall from HK$124.6 million in the first half of 2007 to a HK$49.3 million loss in the first six months of 2008. Consolidated revenues were down 41.5% year-on-year to HK$441.3 million.

Yulong Computer Telecommunications Scientific, an indirect wholly-owned subsidiary of China Wireless, sold about 160,000 "Coolpad" smartphones in the first half, compared to 290,000 units in the year-ago period. China Wireless intends to release seven new smartphone models, including two dual-mode CDMA/GSM and TD/GSM phones, respectively, and one CDMA single-mode phone.

Revenue from CDMA single-mode and CDMA/GSM dual-mode phones fell 88% and 44.2% year-on-year to approximately HK$8.2 million and HK$327.4 million, respectively, as the result of telecom restructuring.

Source:pacificepoch