China Automotive Systems Swings To Profit In Q4

(RTTNews) - China Automotive Systems, Inc. (CAAS) announced Wednesday that net income attributable to parent company's common shareholders for the fourth quarter was $5.0 million or $0.16 per share, compared to a net loss of $3.2 million or $0.10 per share in the prior-year quarter.

Net sales for the quarter declined 5.3 percent to $138.8 million from $146.5 million in the same quarter last year, mainly due to a change in the product mix and lower demand for automobiles.

Looking ahead to fiscal 2022, the company projects revenues of $510 million, based on the Company's current views on operating and market conditions, which are subject to change.