Automotive brake systems manufacturer SORL Auto Parts, Inc. (SORL) reported Friday an increase in third-quarter profit, helped by a 3% growth in sales and lower operating costs. The company also provided an outlook for the full year.
For the third quarter, net income rose to $3.81 million or $0.21 per share from $2.34 million or $0.13 per share in the previous year. Total comprehensive income attributable to the common shareholders went up to $3.85 million from $2.86 million.
Net sales for the quarter grew 3.1% to $34.0 million from $33.0 million. Revenues from China's domestic aftermarket were $8.7 million, up 3.6% from $8.4 million in the year ago quarter. Revenues from the international markets were $7.8 million, down 44.7% from $14.1 million in the third quarter of 2008.
Operating income advanced 68.1% year-over-year to $4.90 million from $2.92 million in the comparable quarter of the past year. Total expenses declined to $3.97 million from $5.50 million in the year-ago period. General and administrative expenses reduced 40.2% to $1.08 million from $3.02 million, chiefly because the provision for bad debts reversed to a positive in the latest quarter.
For the nine-month period, net income slid to $7.75 million or $0.42 per share from $10.61 million or $0.58 per share last year. Sales declined to $83.9 million from $105.8 million in the same period last year. Sales to related parties came down sharply to $383.48 thousand from $2.36 million.
Looking ahead, for the full year, the company expects earnings of $11 million on sales of around $120 million.
SORL closed Friday's regular trading hours at $8.16 on the NASDAQ.
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