TechFaith net revenues down a third YoY

China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) said that for the full year ended 31 December, 2015, total net revenues amounted to USD64.6 million compared to USD99.3 million for the previous year.

Gross profit for the full year 2015 was USD6.7 million, compared to USD9.8 million for the full year 2014. Gross margin for the full year 2015 was 10.4 percent, compared to 9.9 percent for the full year 2014.

Operating expenses for the full year 2015 were USD18.1 million compared to USD26.2 million for the full year 2014.

Net loss attributed to TechFaith for full year 2015 was USD12.8 million, or a USD1.21 loss per basic and diluted weighted average outstanding ADS, compared to a net loss of USD13.4 million, or a USD1.27 loss per basic and diluted weighted average outstanding ADS, for the full year 2014.

Results for the full year 2015 reflect the negative impact of a USD7.2 million inventory obsolescence charge, which adversely impacted gross margin and net income.

TechFaith is a developer, owner and operator of commercial real estate properties across China as well as a China-based mobile solutions provider for the global mobile handsets market.