Wuhan-based China Automotive Systems, which makes power steering system components, announced yesterday that third-quarter profits rose dramatically on a boost in sales of components for passenger vehicles, AP reported. The company said that it earned US$8.6 million, or 28 cents per share, up from US$2.8 million a year earlier. Revenues rose 75% year-on-year to US$64.7 million. The company statement projects 2009 revenue to rise 40% based on current production contracts, which are subject to change.
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