China Auto Logistics Q2 Net Loss From Cont. Opns Widens

(RTTNews) - China Auto Logistics Inc. (CALI) Monday announced a net profit attributable to shareholders of the company to $5.186 million or $1.28 per share compared to net loss of $2.245 million or $0.56 per share in the prior year. Net loss attributable on continuing operations widened to $477.88 million or $0.12 per share from $469.78 million or $0.12 per share in the previous year. The company has sold its sold its Zhonghe subsidiary during the 2016 second quarter.

Revenue for the quarter increased to $93.82 million from $93.69 million in the prior year.

Looking ahead, Tong Shiping, chairman and CEO of the Company said, "A continuation in the remainder of the year of the economic trends and competition that has been prevalent over the past few quarters, continues to make us cautious about further gains in profits and margins in Auto Sales in the second half of the year. We believe, however, that conditions have stabilized and we are in a better position to compete. We remain positive about the luxury auto market in China and our leadership role in it, which we believe offers growth possibilities, especially when conditions will permit us to pursue our goal of expanding throughout China. Our optimism in this regard has been buoyed by the 'Parallel Imported Vehicles' scheme initiated by our government which gives us equal footing with all auto dealers."