Elec-Tech International (ETI) revenues grew 10.52% to RMB 1.35 billion (US$ 220 million) in 1H13, according to the company’s 1H13 financial report released on Aug. 24. However, the company’s net income plunged 59.38% compared to the same period last year to RMB 50.5 million.

In 1H13 there were no significant improvements in the general economic environment, according to the report. China’s economic growth rate slowed down during first half of 2013 to the rate of GDP 7.6%, and the country’s faces enormous pressure to transit and upgrade. While the developed U.S. economy is showing signs of rebound, the continual strength remains to be observed. Although, the Eurozone has emerged from the debt crisis whirlpool, it is still under the shadow of economic recession. The overall economic downturn has negatively impacted ETI, as the company’s main operations are in small electronic appliances and LEDs.

Within the reporting period, the company has been actively promoting private stock issuance that is still under review. The company has successfully issued company bonds valuing RMB 800 million on the stock market that has helped funded the company’s operations with low-cost capital.

In 1H13, the company’s LED operations improved significantly. The company’s LED chip production capacity has started to release production volume in different phases. LED chip sales reached 168 million and surged at an exponential rate of 536.55%, almost equivalent to the total annual sales value in 2012. The new products have significant development, and the company has started shipments of small volumes of “Northern Lights” flip chips.

ETI’s integration with NVC Lighting Technology Corporation (NVC) went smoothly during 1H13. The company has received NVC brand licensing, and sales of ETI’s LED lighting products through NVC’s sales channels have begun. ETI’s LED application product sales in 1H13 grew 60.79% compared to the same period in 2012.