Boston, MA 06/12/2013 (wallstreetpr) – The shares of SGOCO Group Ltd. (NASDAQ:SGOC) had surged by 67.88 percent to close at $2.30 per share for the end of last trading session on Tuesday. The shares of the company had been trading in the range of $1.28 to $2.35 per share during the day. The shares of SGOCO Group Ltd. (NASDAQ:SGOC) had recorded 52 week high price level of $2.38 per share and 52 week low price level of $0.70 per share.
SGOCO Group Ltd. (NASDAQ:SGOC) with primary focus on flat panel display products had been surging in share prices for the past few days, owing to strong growth in revenues and profits posted by the company for first quarter of 2013. In the recently released financial results for the first quarter, the company had recorded an increase in quarterly revenues by 58 percent to touch $54.5 million, compared to the revenues of $34.5 million for the first quarter of fiscal year, 2012.
Further, the gross profits of SGOCO Group Ltd. (NASDAQ:SGOC) had increased by 39.6 million to touch $3.7 million for the first quarter of 2013, compared to $2.7 million for the same quarter of previous year. The company had also posted a net income of $1.7 million which was observed to be an increase of 87.5 percent over the previous year’s net income of $0.9 million.
The shareholders of SGOCO Group Ltd. (NASDAQ:SGOC) would have now earned $0.10 gain per basic and diluted share of the company they hold, compared to the gain of $0.05 per basic and diluted share reported for the same quarter of previous year. However, owing to increased fees being charged by the Chinese authorities for recycling imported monitors and decreasing prices of monitors had led the gross profit margin of SGOCO Group Ltd. (NASDAQ:SGOC) to decline to 6.9 percent from the previous year’s margin of 7.8 percent.
