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."

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