Tongxin International Ltd., BVI-incorporated manufacturer of engineered vehicle body structures (EVBS) for the commercial automotive industry of China, announced the summary of unaudited preliminary financial results for the year period ended December 31, 2012.
According to these results, total revenue of the BVI corporation for the year ended December 31, 2012 was US$78.2 million, compared to US$101.8 million of total revenue (unaudited) for the year 2011. The cost of goods sold in the year 2012 was US$73.7 million. Selling, general and administrative expenses were US$11.6 million. As a result, operating loss of the company was US$(7.2) million for the year ended December 31, 2012, as compared to the unaudited operating loss of US$(5.4) million for the previous year.
The main reason for this year’s increase in operating loss was a gross profit decrease as a result of a decrease in unit selling prices in order to maintain market share.
Company’s cash, cash equivalents and security deposit were approximately US$7.8 million as of December 31, 2012. Total current assets were approximately US$49.1 million, as compared to US$60.6 million at December 31, 2011. Total current liabilities totalled approximately US$74.5 million at December 31, 2012, compared to US$78.8 million at the end of 2011.
Tongxin International scheduled conference call for February 25, 2013.