CHINA: Auto downturn hits power steer maker's profits
Power steering specialist China Automotive Systems (CAAS) booked second quarter sales of US$82.5m, compared with $85.1m a year ago; gross profit of $14.8m ($19.8m), gross margin of 17.9% (23.3%) and net income of only $3.9m, or $0.14 per share ($23.9m/$0.28).
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