Wonder Auto Technology, a manufacturer of automotive electrical and suspension parts in China, has announced that its net income for the second quarter ended June 30, 2008 increased 37.4% to $5.3 million, compared to $3.8 million in the same quarter of 2007.
The company's sales revenue increased 55.6% to $36.7 million in the second quarter of 2008, compared to $23.6 million in the second quarter of 2007. Gross profit increased 68% to $9.5 million from a gross profit of $5.7 million in the second quarter of 2007.
The gross margin was 25.9% in the second quarter of 2008, compared with 24% in the same period of 2007. Income from operations was $6.8 million, a 77.4% increase from $3.8 million in the second quarter of 2007.
Qingjie Zhao, chairman and CEO of Wonder Auto Technology, said: "We continued our strong growth in the second quarter of 2008, as starter sales were strong and export sales augmented our growth in the Chinese domestic market. Our investment into new facilities provides us with more production capacity for further expansion, as we are targeting bigger customers and additional new markets."
Story Source: Datamonitor
