China TechFaith Wireless Communication Technology Ltd (CNTF) Tuesday announced narrower net loss of $1.199 million or $0.11 per share for the first six months compared to loss of $4.98 million or $0.47 per share last year. Comprehensive loss attributable the company was $8.278 million wider than loss of $5.080 million in the prior year.
Net revenue for the first six months declined to $34.952 million from $48.316 million in the prior year. Third party mobile phone business was significantly down from the prior year.
TechFaith's Chief Financial Officer Ouyang Yuping said, "Our focus in the first half of 2016 has remained on restoring higher operating efficiency at our current revenue level. We are pleased with our progress and are targeting further improvements in profitability. We were able to reduce operating expenses by 34.3%, as compared to the first half of 2015, led by reductions in our professional service expenses and other non-revenue generating areas of our business."
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