BEIJING, May 20, 2009 (Xinhua News Agency) -- China Techfaith Wireless Communication Technology Ltd. (NASDAQ:CNTF) (TechFaith Wireless, CNTF.NASDAQ) released its unaudited financial report for the first quarter Wednesday, posing a net profit of 2.1 million US dollars, up 157.4 percent from previous quarter.

The China-based cell phone product provider's net turnovers slid by 6.1 percent quarter on quarter to 48.7 million dollars.

TechFaith Wireless still concentrates on its cell phone business and expects consecutive growth in revenue and profit, according to Dong Defu, chairman and CEO of the company.

The firm's gaming business is in progress as well. One Net Entertainment Ltd., a wholly-owned subsidiary of TechFaith Wireless, will launch 16 mobile massive multiplayer online games titles in June, said Dong.

TechFaith is satisfied with its performance in the first quarter, and expected its revenue for the second quarter to be in the range of 45 million to 49 million dollars, with further improvement in profit when launching new 3G products into the market.