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.
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.