China automotive systems reports 77.0% net sales increase and return to profitability in the first quarter of 2021

Wuhan, china, may 12, 2021 /prnewswire/ -- china automotive systems, inc. (nasdaq: caas) ("caas" or the "company"), a leading power steering components and systems supplier in china, today announced its unaudited financial results for the first quarter ended march 31, 2021. first quarter 2021 highlights net sales rose 77.0% to $130.3 million from $73.6 million in the first quarter of 2020 gross profit increased 75.9% to $19.7 million from $11.2 million in the first quarter of 2020; gross margin was 15.1% compared with 15.2% in the first quarter of 2020 income from operations increased 320.0% to $4.2 million from $1.0 million in the first quarter of 2020 net income attributable to parent company's common shareholders was $3.2 million, or diluted income of per share of $0.10, compared to net loss attributable to parent company's common shareholders of $0.03 million, in the first quarter of 2020  cash and cash equivalents, and pledged cash were $122.0 million as of march 31, 2021 mr.
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