Benefit from the acquisition and new products Ruili Q3 net profit increased by 27.8%

Gasgoo China Air brake manufacturer Ruili Auto Parts Co., Ltd. announced its third quarter financial report recently. The report shows that the company's third-quarter financials were better than market expectations, and to some extent benefited from a merger and acquisition and new product sales growth.

Ruili's consolidated net profit in the third quarter was 27.8% higher than the $4.2 million it received in the same period last year to $5 million. The third quarter operating income rose 31% to 50.8 million US dollars. Analysts also forecast their net profit for the year to reach 18 million U.S. dollars, with sales of 183 million U.S. dollars.

The company’s net income in the third quarter increased by 40.8% compared with the same period of last year; equipment manufacturing revenue increased by 43.7% year-on-year, and exports increased by 71.8%; gross profit margin increased from 27.1% in the second quarter of 2010 to 28.0% in the third quarter; net profit was lower than last year 27.8% increase in the same period, third-quarter diluted earnings per share of $0.25, compared with $0.21 in the same period of last year; net cash flow in the third quarter of 2010 was $19.3 million, an increase of $2.2 million over the same period in 2009

The main products of Ruili Group are automotive air brake components, hydraulic brake components, automotive electronics, automotive instrumentation, automotive power steering pumps, eddy current retarders, automotive ABS and other heavy-duty vehicles and sedan accessories. Now it has become an important supporting partner for FAW, FAW, and CNHTC and other major domestic automobile manufacturers.