Mason Technology, China’s LED light source component and lighting application company, announced the annual report for 2012 which indicates that the company achieved total revenue of RMB 389mn, a slight increase of 3.76% year on year and its net profit attributable to shareholders was RMB 38.48mn, a year on year decline of 28.82%.

The company explains that the massive capacity release of LED companies, the continuous downturn in overseas markets, the less-than-expected demand in the downstream application market at home and fierce market competition caused the LED product price to fall further. Affected by the weak performance in the whole industry, the company’s revenue didn’t grow in pace with the rapidly increased sales volume.