China Automotive Systems Q4 '08 profit declines

China Automotive Systems Inc. reported net income for the fourth quarter of $502 thousand or $0.02 per share, compared to $2.2 million or $0.09 per share in the year-ago quarter.

Pro forma net income was $2.8 million or $0.09 per share, compared with $1.8 million or $0.07 per share in the fourth quarter of 2007.
 
Net revenues for the quarter increased to $38.3 million from $37.7 million in the prior-year quarter.