China Automotive Systems Sees Higher Revenues In FY21

(RTTNews) - China Automotive Systems Inc (CAAS), while announcing fourth-quarter results, on Tuesday said it expects fiscal 2021 revenues of $470 million, based on its current views on operating and market conditions.

In fiscal 2020, the supplier of power steering components and systems generated net sales of $417.6 million, down 3.2 percent from last year.

In the fourth quarter, net loss attributable to parent company's shareholders was $3.2 million, compared to last year's income of $1.7 million. Loss from operations widened to $4.0 million from loss of $1.9 million a year ago on higher expenses.

However, gross profit rose 35.7 percent from last year to $22.8 million and net sales increased 26.4 percent to $146.5 million.