China Ruitai’s net income was $735,893, or $0.03 per diluted share, compared to net income of $1.94m, or $0.07 per diluted share, for the comparable period last year.
Income from operations was $1.55m, compared to $2.67m for the same period in 2010.
Gross profit decreased by 15% year-over-year to $2.8m.
China Ruitai chairman Dianmin Ma said along with others in the industry, their outlook for the balance of the year is positive despite some setbacks in the first quarter.