- CBAK Energy Technology Inc CBAT provided financial highlights of Zhejiang Hitrans Lithium Battery Technology Co., a lithium-ion battery material supplier in China.
- CBAK Energy has acquired 81.56% of Hitrans' equity stake. Considering the transaction was closed on November 29, 2021, CBAK Energy will not incorporate Hitrans's financial performance before the closing date.
- Hitrans' revenues were $97.9 million in the first three-quarters of FY21, roughly four times CBAK Energy's revenues in the same period.
- Hitrans generated a gross profit of $11 million, about 2.7 times the gross profit of CBAK Energy. Its operating profit was $4.2 million.
- CBAK Energy expects Hitrans' results to significantly increase its financial results in 2022 and beyond.
- Price Action: CBAT shares are trading lower by 4.03% at $1.19 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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