China Auto Logistics (CALI) Continues Higher Following Strong Q3 Sales Numbers
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China Auto Logistics (Nasdaq: CALI) shares are on the up-and-up once again today, following the filing of resutls for its third-quarter early Wednesday.
The company said revs rose 78 percent to $170.5 million, led by an 83 percent gain in Auto Sales revs. Amid the jump in revs, net income fell to $1.52 million as high-margin web ads fell.
"Looking ahead we remain confident that we will maintain our leadership position in the luxury auto sales industry, with continued anticipated support from our automobile portal and websites which are now established in 50 cities throughout China and we intend to extend to 60 cities," commented CEO Tong Shiping. "Our aim is to capitalize on this leadership position with an expansion of our current high margin services and the addition of new ones. Underlying our growth strategy is our belief that growth rates for the high-end automobile market in China will continue to exceed those of the mainstream auto market, a view that is shared by several market forecasters."
Shares popped 170 percent Wednesday and are up another 30 percent on the session today. Volume of 1.1 million shares is absolutely crushing the daily average of about 32,000 shares.
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The company said revs rose 78 percent to $170.5 million, led by an 83 percent gain in Auto Sales revs. Amid the jump in revs, net income fell to $1.52 million as high-margin web ads fell.
"Looking ahead we remain confident that we will maintain our leadership position in the luxury auto sales industry, with continued anticipated support from our automobile portal and websites which are now established in 50 cities throughout China and we intend to extend to 60 cities," commented CEO Tong Shiping. "Our aim is to capitalize on this leadership position with an expansion of our current high margin services and the addition of new ones. Underlying our growth strategy is our belief that growth rates for the high-end automobile market in China will continue to exceed those of the mainstream auto market, a view that is shared by several market forecasters."
Shares popped 170 percent Wednesday and are up another 30 percent on the session today. Volume of 1.1 million shares is absolutely crushing the daily average of about 32,000 shares.
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