Looks like Xiaomi isn’t making a ton of money, as was earlier reported by The Wall Street Journal, instead a recent Reuters report claims Xiaomi’s 2013 profit was just a fraction of the previously reported figure.

According to Reuters, which cites a regulatory filing by Xiaomi as the source, the smartphone maker netted around $56 million in profit in 2013, not $566 million, which was reported by the WSJ.

The latest figures are in line with Xiaomi’s business model of selling device at razor-thin margin and hoping to make money on content and accessory sales. Although Xiaomi’s business has come a long way since 2013 and the company has entered several new markets including India during this period, we don’t expect the 2014 figure to be much different, given the expenditure in setting up the infrastructure in new countries.

Reuters notes that a Xiaomi spokesperson has confirmed the accuracy of the filing, but noted that it did not cover the entirety of Xiaomi’s business, without specifying which businesses were missing from the filing.

As Xiaomi is a private company at this point, not much information is available about the financial details. Even the latest bit emerged because Xiaomi had to make an investment in Midea Group Co Ltd, which is a publically traded company.