Ossen Innovation FY Profit Edges Down

(RTTNews) - Ossen Innovation Co., Ltd. (OSN) reported that its net income was $12.0 million for the year ended December 31, 2020, compared to $12.2 million last year.

Net income attributable to the company was $11.08 million, compared to $11.09 million in the previous year. Earnings per ADS were $1.68 unchanged from last year.

Annual revenues decreased by $0.3 million, or 0.2%, to $138.6 million from last year's $138.9 million. The decrease in revenues during the year ended December 31, 2020 was mainly attributable to the decrease in sales of rare earth coated PC wires and PC strands, plain surface products and other products, partially offset by the increase in zinc coated PC wires and PC strands.