China Financial Results 9/12/13 – Ossen Innnovation, Lentuo International

  • Revenue for the three months ended September 30, 2013 was $33.1 million, down 19% from the same period a year ago. Sales of coated pre-stressed steel materials, including rare earth and zinc coated products, were approximately $24.3 million, down 8% compared to approximately $26.4 million in the third quarter of 2012. Sales of plain surface PC strands were $4.9 million for the three months ended September 30, 2013, a decrease of $5.9 million compared to the prior year.
  • Gross profit increased from $2.9 million to $3.9 million, a 33% year-over-year increase.  Gross margin was 11.7%, up from 7.1% in the third quarter of 2012. Gross profit and gross margin were higher as a result of lower raw material prices and an increase in sales of higher margin coated pre-stressed steel materials as a percentage of total sales in the third quarter of 2013 compared to the prior year period.
Third Quarter 2013 Financial Highlights
  • Revenues increased 13.6% to RMB953.1million ($155.7 million), from RMB838.9 million in the third quarter of 2012.
  • Net income was RMB17.6 million ($2.9 million), compared with a net loss of RMB6.4 million in the third quarter of 2012.
  • Revenue from automobile repair and maintenance services as a percentage of total revenue increased to 12.3% from 11.4% in the third quarter of 2012.
  • Vehicles sold increased 8.6% to 4,842 vehicles, from 4,460 vehicles in the third quarter of 2012.

Posted from Diigo.

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