Power steering specialist China Automotive Systems boosted Q4 2012 sales 7.5% to US$101.5m but gross profit dipped to $17.2m, compared to $18.3m in the fourth quarter of 2011; gross margin was 16.9% versus 19.4%.
Operations income was $7.4m versus $7.6m and operating margin was 7.3%, compared to 8.1% in the fourth quarter of 2011.
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Net income fell to $5.1m, (EPS$0.18) versus $6m ($0.19).
Full year sales were $336m, up from $329.8m in 2011. Gross profit was $60.8m ($63.4m); gross margin was 18.1% (19.2%); operating income was $27.8m ($31.1m); operating margin was 8.3% (9.4%) and net income $19.8m ($0.70) versus $36.3m ($0.69) in 2011.
CEO Qizhou Wu said: “The overall Chinese automotive market showed slight improvement during 2012 although the growth was not steady because the sales of passenger vehicles grew while the sales of commercial vehicles generally decreased in 2012. We maintained our market leadership through an increase in sales volume. Our exports to North America significantly contributed to our growth in 2012. We will continue to expand our international operations in the future. We also expect that the demand of the local Chinese market will continue to rise based on recent market performance.”
Revenue guidance is 10% growth for full year 2013.
