China Automotive Systems Inc. (CAAS) reported that its fourth-quarter net income attributable to parent company's common shareholders was $5.1 million, or $0.18 per share, compared to the net income attributable to parent company's common shareholders of $6.0 million, or $0.19 per share, in the fourth quarter of 2011.
Net sales increased by 7.5% to $101.5 million, compared to $94.4 million in the same quarter of 2011. The net sales increase was mainly due to an increase of international sales to a customer in North America, a sales increase of new products in China, an increase in sales volume encouraged by the Chinese government's incentive policy relating to the purchase of lower-emission and more fuel-efficient cars which was implemented in May 2012, and the appreciation of the Renminbi ("RMB") versus the U.S. dollar, which were only slightly offset by the lower average selling prices of the products sold in China.
Revenue guidance is for 10% year-over-year growth for the full year 2013.
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