Shanghai, May 14 (Gasgoo.com) China Automotive Systems Inc announced on Tuesday that its first quarter net income attributable to common shareholders was $2.3 million or $0.08 per share, compared to $4.4 million, or $0.18 per share in the previous year's first quarter.
Pro forma net income was $4.2 million, compared with $4.7 million in the first quarter of 2008. Pro forma earnings for the quarter were $0.13 per share, compared to $0.18 per share in the similar quarter in 2008.
Total net sales for the first quarter increased 7.8% to $44.7 million, compared to $41.5 million in the first quarter of 2008.
Qizhou Wu, CEO of China Automotive Systems, said that "China has continued to grow despite the global economic recession, and the stimulus package from the government will continue to generate growth in the Chinese market."
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