China's leading navigation chip company posts 38.54% profit rise

BEIJING - Beijing BDStar Navigation Co Ltd, an industry leader in satellite navigation, reported a drastic profit increase in 2021, due to robust demand for navigation chips.

Net profits reached 203 million yuan ($32.22 million) last year, soaring 38.54 percent year-on-year, the company said in a statement filed to the Shenzhen Stock Exchange.

Revenues rose 6.15 percent year-on-year to 3.85 billion yuan. Earnings per share were 0.4 yuan.

Strong demand for navigation chips came from sectors such as unmanned aerial vehicles, intelligent agriculture, surveying and mapping, and the Internet of Things, buoying the brisk expansion of the company's chip business, according to the statement.