GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 2nd quarter and 1st half of fiscal year 2010. For the six month period ending June 30, 2010 net revenue was a record US$ 171.8 million, an increase of 17% versus the same period in 2009. For the three month period ending June 30, 2010 net revenue was US$ 79.7 million, a decrease of 5% versus the same period in 2009. For the six month period ending June 30, 2010 after-tax net profit was US$ 2.70M, a decrease of 12% versus the same period in 2009.

Commenting on the announcement, Lewis Lo, president of GMI Technology, said “We are very pleased with the strong growth in our sales revenue year to date, especially based on the very challenging worldwide economic situation. Unfortunately our bottom line results have not been able to keep up based on a slight decline in gross profit margins due to declining market prices for some of our key product lines. We continue to benefit from our growing product portfolio and new customer design wins, especially in mainland China. Despite the continued challenging worldwide economic environment and price pressures, GMI Technology continues to be optimistic about the 2nd half of 2010 and more importantly with our long term future growth.”