China XD Plastics' quarterly earnings rose 28%
China XD Plastics Co. says its net income rose 28 percent year-on-year to $15.7 million (100 million yuan) in the third quarter, as the company sold more high-margin components.
The company's quarterly revenues jumped 59 percent to 661 million yuan.
In its earnings report, the company said its plastics sales benefited from strong demand in China for mid-market and premium automotive brands.
XD Plastics supplies exterior and interior trim to a variety of automakers in China, including Audi AG, BMW AG, Toyota Motor Corp., General Motors, Mazda Motor Corp. and Volkswagen AG.
The company said it expects 2011 revenues to range from 2.3 billion yuan to 2.4 billion yuan. Adjusted net income for the year is expected to range from 350 million yuan to 363 million yuan.
The company is listed on the NASDAQ exchange.
