Greenland Technologies Posts Loss In Q3 On Per Share Basis

(RTTNews) - Greenland Technologies Holding Corp. (GTEC) reported third quarter net income of approximately $0.19 million, compared to approximately $2.10 million, prior year. Net loss to Greenland and subsidiaries was $0.9 million, for the quarter. Net loss per ordinary share was $0.07, compared to net income of $0.10 per ordinary share. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.05, for the quarter. Analysts' estimates typically exclude special items.

Third quarter revenue was approximately $21.84 million, an increase of approximately 0.2% from a year ago. The company said the increase in revenue was primarily an increase in the sales volume, driven by increasing market demand. Analysts on average had estimated $24.26 million in revenue.

As of September 30, 2023, Greenland had approximately $21.54 million of cash and cash equivalents.

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