8.86%C 6.45 22.20%F 2.55 5.20%
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NEW YORK - China Automotive Systems Inc., a Chinese supplier of power steering systems and components, said Wednesday its first-quarter profit more than doubled on a surge in sales of steering components for both light and commercial vehicles.
| CAAS | 2.85 |  0.37 |
The news sent China Automotive shares up 92 cents, or 17 percent, to $6.40 in premarket trading.
For the quarter ended March 31, China Automotive earned $4.4 million, or 18 cents per share, compared with $1.6 million, or 7 cents per share, for the same quarter in 2007.
Product sales rose 46 percent to $41.5 million from $28.4 million in the year-ago period.
Sales of steering products for passenger and light-duty vehicles rose 44 percent to $30.2 million, while sales of steering products for commercial vehicles increased 52 percent to $11.3 million, the company said.
Major U.S. stock indexes slumped further south midday Monday, further extending this morning's hefty losses which erased last week's f...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
African Eagle Resources has raised its stake in the Mokambo joint venture to 87% and says 2008 drill results were "promising".
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