February 17 -- Guangzhou Kingteller Technology (002177), a maker and distributor of automated teller machines to banks, posted a 90.13 percent year-on-year rise in 2011 net profit to 178 million yuan on a 58.36 percent increase in revenue to 741 million yuan,  reports China Business News, citing a company filing.

The company plans to distribute cash dividends of 0.5 yuan (including tax) and convert seven shares for every 10 shares held.

Kingteller Technology benefited from a 56.46 percent increase in ATM sales, while revenue from its ATM leasing business rose 152.67 percent.

The company used the proceeds raised from its initial public offering in 2007 and from a fund raising exercise in 2009 to expand its network of ATMs. The return on this investment was however not significant, with sales rising 3.42 percent year-on-year in 2010.

In 2010, Kingteller Technology switched its focus to investing in, and leasing ATM machines.

The company used internal funds to expand production capacity at end February 2011, according to the report.

Source:capitalvue.com