China Automotive Systems Inc. (CAAS), a power steering components and systems supplier, reported Friday that its first-quarter net income attributable to parent company's shareholders was $6.8 million, compared to last year's loss of $0.1 million. Income per share was $0.23, compared to net loss per share of nil a year ago.
Net sales increased 4.3 percent to $142.2 million from $136.4 million a year ago. The net sales increase was mainly due to the gradual recovery of the Chinese economy post-COVID-19.
In China, passenger vehicle unit sales declined 7.3 percent year-over-year in the quarter and commercial vehicle unit sales decreased 2.9 percent, according to statistics from the China Association of Automobile Manufacturers.
Looking ahead for fiscal 2023, the company continues to project revenues of $560.0 million, higher than $529.6 million in 2022.
Qizhou Wu, chief executive officer of CAAS, said, "We anticipate de-regulation of strict COVID restrictions aided by more governmental growth policies, will help the Chinese economy recover over the next several quarters. We look forward to the Chinese economy and automotive markets resuming normal activities in the future."
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