SORL Auto Annual Sales Up
The company posted a gross profit of $58.13m for the year ended 2010, compared to $42.83m for the same period in 2009. Operating income was $24.55m, compared to $17.10m for the same period in 2009.
Net Income attributable to stockholders to the company was $20.36m for the year ended of 2010, compared to $14.04m for the same period in 2009.
SORL sales to the Chinese OEM market were $32.8m and $26.2m for the three months ended December 31, 2010 and 2009, respectively, an increase of 25.2percent. Gross profit was $15.6m for the fourth quarter of 2010, a 4.3 percent increase from $15.0m for the fourth quarter of 2009.
Operating income in the fourth quarter of 2010 was $7.3m, a 23.7percent increase over the $5.9m in the fourth quarter of 2009.
Net income attributable to stockholders for the 2010 fourth quarter was $5.9m or $0.31 per diluted share, a 5.6 percent gain over the $5.6m or $0.30 per diluted share, in the fourth quarter of 2009.
The company projects approximately $50m of sales revenue and $4.6m of net income attributable to our common stockholders for the first quarter ending March 31, 2011.
Xiaoping Zhang, CEO and chairman of SORL Auto Parts, said: â€œOur 2010 fourth quarter continued our growth trend as the Chinese economy continued to expand. We benefited from higher demand for commercial vehicles due to the investment in infrastructure by the Chinese government, the expansion of the highway system allowing for more goods to shipped longer distances, and greater bus production to move people.
â€œAdditionally, through SORL's acquisition of certain assets of the auto parts business of the Ruili Group, we now are selling into the passenger vehicle market and offer a broader line of products.â€
Will the firm further increase sales in Q1?
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