just-auto.com

CHINA: Power steering maker boosts Q3 operating profit 95%

By just-auto.com editorial team | 9 November 2007

Power steering specialist China Automotive Systems reported net income for the third quarter of 2007 $US2.6m, compared with $1.5m a year ago, a 68% increase. Gross profit for the third quarter of 2007 increased to $11.4m compared with $8.2m a 39% increase. Q3 operating income was $6.6m compared with $3.4m, up 95%.

Earning per share were $0.11 compared with $0.07. Total net sales for the third quarter of 2007 were $31.2m vs $22.4m, up 39% year-on-year.

Net sales of steering products for passenger and light-duty vehicles for the third quarter of 2007 increased to $20.2m compared with $13.6m. Net sales from steering products for commercial vehicles increased to $8.1m vs $6.4m.

"While the Chinese domestic auto industry grew by 27% in the first nine months of 2007, China Automotive Systems achieved a robust 40% year-over-year growth," said CEO Qizhou Wu.