China’s SmartHeat (HEAT.NASDAQ), a company that produces temperature meters for residential and commercial buildings, reported first-quarter earnings of 67% on strong government support of the energy saving sector, AP reported. SmartHeat’s earnings rose to US$1.7 million, or five cents per share, from US$1 million, or four cents per share, from a year earlier. The company also posted a 51% revenue jump of US$9.4 million. CEO James Jun Wang said, "In 2010, the (Chinese) government has continued to maintain our energy saving sector as a strategic industry and continues to provide significant funding through government initiatives." SmartHeat’s forecast for the full year is a net income of US$20-22 million on revenue of US$106-116 million.
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