China Automotive revs up on reaffirming 2020 revenue outlook

China Automotive Systems

14/08/2020 13:42

** U.S.-listed shares of Chinese power-steering parts
supplier  CAAS.O  jump 13.4% to $3.39 premarket
    ** Stock, set to open at over one-month high, gains for a
second straight session
    ** Company reaffirms 2020 revenue outlook of $360 mln after
reporting Q2 loss of $4.1 mln compared to a profit of $2.5 mln a
year earlier due to a slump in automobile sales amid coronavirus
crisis  urn:newsml:reuters.com:*:nPn5QZfVga
    ** "We believe the worst is behind us in China and the
government has rolled out a series of new fiscal and monetary
policies to promote continued economic growth," CEO Qizhou Wu
says
    ** Adds company continued to generate positive cash flow
despite Q2 revenue dropping 21% to ~$83 mln
    ** Stock down ~5% so far this year

 (Reporting by Ankit Ajmera in Bengaluru)
 ((ankit.ajmera@thomsonreuters.com))