Power steering components and systems supplier China Automotive Systems has reported net income for the third quarter of 2006 of $US1.5m, or $0.07 per share, compared with $1.1m, or $0.05 per share a year ago.
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Total net sales was $22.7m, compared with $14.8m, 54% year-over-year growth and an 8% quarter-over-quarter decline respectively.
Net sales from steering products for passenger and light-duty vehicles for the third quarter of 2006 increased to $13.6m, compared with $9.1m a year ago, reflecting a 49% year-over-year growth and a 14% quarter- over-quarter decline respectively.
Net sales from steering products for commercial vehicles for the third quarter of 2006 increased to $6.4m compared with $3.7m.
Gross profit for the third quarter increased to $8.2m, compared with $5.7m.
Operating income for the third quarter of 2006 was $3.4m, compared with $2.8m reported in the same period of 2005.
