It is reported that Hanwang Technology a producer of e-readers and intelligent pattern recognition technologies predicts it incurred a loss of between CNY 425 million and CNY 435 million in 2011.

According to the company third quarter report, the full year loss was estimated at CNY 350 million to CNY 360 million.

Hanwang Technology attributed the revised profit warning to the lower than expected sales and gross profit margins of its e-readers.

In addition, the company said it made higher provisions for bad debt.

Hanwang Technology posted earnings of CNY 87.9 million in 2010.

(Sourced from 163.com)