Power steering specialist China Automotive Systems (CAAS) said fourth quarter 2010 net sales grew 20% to a record US$100.5m from $83.8m in Q4 2009. Gross profit was $19.8m compared to $19m as an increase in sales was partially offset by declines in sales price in excess of unit cost reductions.

Operating income grew 44.7% to $12.3m. Operating margin climbed to 12.2%, net income was $12.3m and earnings per share $0.22 versus a loss of $24.2m, or $-0.89 a share.

For the year ended December 31, 2010, net sales rose 35.3% to a yearly record of $345.9m, gross profit increased 30% to $80.3m, gross margin was 23.2%, operating income grew 46.3% to $54.0m, operating margin increased to 15.6% of net sales and record annual net income was $51.7m, $1.10 per share

The company expects revenue growth of 15% year-on-year for 2011.