China Auto Logistics (CALI) Reports Q3 Loss of $0.05
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China Auto Logistics (NASDAQ: CALI) reported Q3 EPS of ($0.05), versus ($0.09) reported last year. Revenue for the quarter came in at $96.29 million, versus $150.17 million reported last year.
Mr. Tong Shiping, Chairman and CEO of the Company, commented, "In the first half of the year, we took the necessary step with the sale of Zhonghe to strengthen our financial situation and thereby create a new base for moving forward in a still highly competitive imported luxury auto market. At the current time our focus is on further strengthening and building our Auto Sales business, where we may see new opportunities for growth possible as a consequence of our leadership position and the "Parallel Imported Vehicles" scheme that has begun to be implemented in Tianjin and a few other large cities. We believe, too, that the currency situation has stabilized."
He added, "While over the near term we will focus mainly on our core auto sales business, we also are considering other possible higher margin opportunities, as both our auto sales and financial services business can be expected to remain highly competitive, with the former, in particular, not leaving a lot of room for margin expansion."
For earnings history and earnings-related data on China Auto Logistics (CALI) click here.
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