China Automotive Systems, a power steering components and systems supplier based in Hubei Province, China, has posted 2006 fourth quarter net income up 65% year on year to $US1.4m.
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Net sales rose 49% to $95.8m and earnings per share was $0.06, up 50% year-on-year. Full year 2006 net income was up 45% to $4.8m.
Net sales from steering components for passenger and light-duty vehicles increased 51% to $60.3m while net sales from steering components for commercial vehicles increased 43% to $25.1m. Earnings per share was up 40% at $0.21.
“We see the growing export of both commercial and passenger vehicles and the forthcoming Beijing Olympic Games as two… major catalysts that will contribute to accelerate the growth of the Chinese auto industry,” said the supplier’s chairman and chief executive officer Hanlin Chen in a statement.
“We continue to focus on cost management, quality control, R&D, and strategic partnerships [and] are confident that we will continue to expand our market share in 2007. Our goal is to become the largest power steering producer in China.”
Operating income for the fourth quarter grew 59.3% to $3.6m while full-year operating income rose 52.3% to $12.8m.
