China Automotive expects 2Q profit to be up

By Associated Press
June 30, 2008 | Comments (0)

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China Automotive Systems Inc., a Chinese supplier of power steering systems and components, said Monday it expects to post a significant increase in second-quarter profit, crediting strong performances from all of its business segments.

China Automotive said it expects to post a second-quarter profit of 18 cents to 22 cents per share, up from 10 cents per share in the same quarter of 2007.

Revenue is expected to total exceed $52 million, up from $36 million in the second quarter of 2007.

China Automotive said that all of its business segments performed well during the quarter, while cash flow from operations also was strong. The company said it also renewed its contracts with all of its key customers.

China Automotive shares rose 23 cents, or 4.2 percent, to $5.75 in midday trading.

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