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August 10, 2017updated 09 Apr 2021 12:32pm

China Automotive Systems boosts profits

Power steering supplier China Automotive Systems said second quarter sales increased 16.5% year on year to US$117.7m from $101.0m in the second quarter of 2016 while operating income rose 109.8% to $11.1m with an operating margin of 9.4% compared with 5.2%.

Power steering supplier China Automotive Systems said second quarter sales increased 16.5% year on year to US$117.7m from $101.0m in the second quarter of 2016 while operating income rose 109.8% to $11.1m with an operating margin of 9.4% compared with 5.2%.

Net income rose 64.8% to $8.9m, or earnings per share of $0.28 compared to $5.4m and $0.17, respectively.

First half sales grew 8.8% to $237m from $217.9m, operating income increased 48.8% to $18.3m and operating margin of 7.7% compared with 5.6%.

Net income grew 31.5% to $14.6m from $11.1m and earnings per share was $0.46 compared to $0.34 in the first six months of 2016.

CEO Qizhou Wu said "Our sales in the second quarter of 2017 reflected economic growth in China, an increase in the sales of our traditional steering products as Chinese branded vehicles captured market share, and stronger growth in our international markets.  We are investing more in our research and development to strengthen our EPS product line and advance other new products to enhance sales growth."

Management has increased its revenue guidance for the full year 2017 to US$490m.

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