Tongxin International Ltd., BVI-registered and China-based manufacturer of engineered vehicle body structures and parts for the commercial automotive industry, announced its summary of preliminary unaudited financial results for the year ended December 31, 2011. For this period, the BVI company reported the decrease of total revenues, which made US$101.8 million, compared to US$104.7 million previously reported for the year ended December 31, 2010.
Also, for the year ended December 31, 2011, the cost of goods sold was US$92.3 million, and selling, general and administrative expenses were US$14.9 million. As a result, operating loss of Tongxin International was US$5.4 million – that is less than the unaudited operating loss of US$9.4 million for the year ended December 31, 2010. The increase in expenses is influenced by the ongoing lawsuits and investigation in the United States.
By the end of the reported period, cash, cash equivalents and restricted cash (security deposit) totalled approximately US$10.1 million. Total current assets at December 31, 2011 were approximately US$60.6 million, if compared to US$65.3 million in the previous year. This year, total current liabilities were approximately US$78.8 million, compared to US$74.2 million at December 31, 2010.