China BAK Battery, Inc. (CBAK: News ) reported a net loss for the second quarter of $2.5 million or $0.04 per share, compared to a net loss of $5.7 million or $0.10 per share in the same quarter last year.
Net revenues for the second quarter were $50.4 million, up from $40.8 million in the previous year quarter.
The company’s CFO Jun Zou said, “After careful scrutiny of our performance in first half of full year 2010 we found that the business recovery in certain segments is likely to be slower than we expected. As a result, we believe it is prudent to revise our revenue guidance to approximately $220 million for full year 2010. We expect to show positive operating income and EBITDA in the second half of the fiscal year.”
