China Sorl Auto Parts Q1 Net Sales Down 34%

Sorl Auto Parts has reported that its net sales for the first quarter of 2009 decreased 34.2% to $20.2m, compared to $30.7m in the same period of 2008. Sorl Auto Parts, Inc. which is engaged in manufacturing and distributing of automotive air brake valves in China, with a product range that includes 40 types of air brake valves and over 1000 different specifications.

 

The company's net income attributable to stockholders for the first quarter of 2009 decreased 73.2% to $940,000 or $0.05 per share from $3.5m or $0.19 per share in the first quarter of 2008.

 

Gross profit decreased 36.2% to $5.5m, compared to $8.6m in the first quarter of 2008.

 

Xiaoping Zhang, CEO and chairman at Sorl Auto Parts, said: "The first quarter of 2009 proved to be a challenging quarter for Sorl. Demand in the global auto market was weaker and the output and sales of our commercial vehicle business and the demand for air brake valves from our domestic original equipment manufacturer customers and international customers declined in the first quarter of 2009."

Related China Bus News

• BYD Delivers 100 Units of 12-Meter Electric Buses to Uruguayan Operator CUTCSA 09-26
• Ankai Bus: High Standards Escort World-Class Event 09-26
• Zhongtong H12 High-end Tourist Bus Officially Delivered to Jilin 09-25
• Ankai Empowers Smart Mobility with Innovative Technology 09-24
• Visiting Invitation: China Buses Expo 2024 in Shanghai China 09-20
• Foton eVIEW GRAND World Debut in Saudi Arabia 09-20
• Higer Bus Shines at the IAA Transportation 2024 in Hannover 09-19
• Zhongtong H13E Debuts at the 2024 IAA Transportation in Hannover 09-19
• First Appearance of Higer Bus at the IAA TRANSPORTATION 09-14
• Consul General of Australia in Shanghai Visits Bonluck Bus Company 09-14
• Shudu Bus Delivers 100 Buses to Nigeria 09-14