Tuesday, August 14, 2007


Aug. 14, 2007 (Xinhua News Agency delivered by Newstex) -- China Automotive System reports 47 pct revenue increase in Q2

BEIJING Aug. 14 -- China Automotive System Inc. (NASDAQ:CAAS), a leading power steering component and system supplier in China, reported on August 13 a 47 percent year-on-year increase of sales revenue in the second quarter.

According to company statistics, CAAS realized a sales revenue of 36.3 million U.S. dollars in the second quarter, compared to 24.7 million U.S. dollars reported in the same period of last year, reflecting a 47 percent year-on-year growth.

The company earned a net profit of 2.46 million U.S. dollars in the second quarter, or 0.10 U.S. dollars per diluted share, up 326 percent from 751,636 U.S. dollars, or 0.03 U.S. dollars per diluted share in the same period of last year.

CAAS, operating through seven Sino-foreign joint ventures, has more than 10 years of experiences in power steering manufacturing with an annual capacity of one million units at present.

It has long-term business relations with more than fifty vehicle manufacturers, including two of the five largest automobile vehicle manufacturers in China, FAW Group and Dongfeng Motor Group.

Newstex ID: XIN-0002-18876273


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