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Qiao Xing $10m in the Red in Fiscal Q2
Qiao Xing Universal Telephone, Inc. (Nasdaq:XING) recorded a net loss of RMB 68.4 million ($10 million) in its fiscal second quarter ended September 30, 2009, the company said October 29. The net loss was mainly due to non-cash charges for accounting related to convertible notes issued by the company in May 2008, Qiao Xing said.
Revenues were RMB 578.9 million ($84.8 million), up from RMB 383.7 million in the second fiscal quarter of 2008. The company shipped 658,000 handsets in the quarter, up from 566,000 units in the same period last year.
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