China Automotive Systems Inc, a power steering components and systems supplier in China, said Thursday that its profit increased by a factor of ten in the fourth quarter, sources reported.
Net income in the quarter was US$6.5 million, or 21 U.S. cents per share, up from US$500,000, or 2 U.S. cents per share in the same quarter of the previous year.
The company said its total net income last year surged 88% to US$23.4 million, or 78 U.S. cents per share. Sales revenue last year surged 57% to US$255.6 million.
China Automotive Systems has been providing steering components to Chrysler Group since mid-2009. Sales more than doubled to US$83.8 million in the last quarter. Although company aims to increase its revenue by 20% to US$306.7 million this year, analysts forecast revenue of only US$288.26 million.
