China Automotive Systems 4th-qtr Profit Surges
29 March 2010
www.chinabuses.org: Auto supplier China Automotive Systems Inc. said last Thursday its net income surged more than 1,000 percent in the fourth quarter thanks to booming sales, including a new partnership with Chrysler Group LLC.
Automotive Systems reported net income of $6.5 million, or 21 cents per share, from $500,000, or 2 cents per share, in the same quarter a year before.
The China-based company, which makes steering components, began supplying parts to Chrysler for the Jeep Wrangler in mid-2009. Chrysler is China Automotive Systems' first major customer outside China. Sales more than doubled to a record $83.8 million for the quarter.
China Automotive Systems said it expects revenue to grow 20 percent in 2010, implying revenue of about $306.7 million.
Source : www.chinabuses.org
Editor : YT
Views:5569
Tags: China automotive system profit