China Auto Logistics Inc (NASDAQ:CALI), a leading provider firm of auto-related services and a top seller of luxury imported vehicles said that in 1H2015 it continued to experience negative operating cash flow and losses on reduced sales in the deteriorating growth environment in China.
For the first six months ended June 30, 2015 China Auto’s net revenue declined nearly 18% to $181 million from the comparable period a year earlier. Gross profit in 1H2015 was $1.31 million which after operating expenses led to an operating loss of $(1.06) million. The net loss attributable to CALI shareholders was $(1.22) loss per share against $(0.79) loss a share in 1H2014.
China Auto noted that the major components leading to the loss in 1H2015 were high interest expenses, amortization and depreciation expenses pertaining to its acquisition of the “Auto Mall” in Tianjin, and lower auto sales. The auto-related services provider said that its focus will remain on the development of the Auto Mall in the coming period.
Tong Shiping, the CEO and Chairman of China Auto Logistics Inc (NASDAQ:CALI), said that the main current priorities remains maintaining leadership in imported luxury auto segment and paying remaining due amount of Zhonghe acquisition. He added that they believe both goals continue to be achievable and, will form the platform for growth as China’s economy improves.
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