RTTNews | Nov 23, 2020 10:39AM EST

10:39 Monday, November 23, 2020 (RTTNews.com) - Shares of Greenland Technologies Holding Corp. (GTEC) are currently surging over 25% on Monday morning after reporting an increase in third-quarter profit and revenues.

GTEC is currently trading at $5.93, up $1.24 or 26.44%, on the Nasdaq.

Net income for the third quarter was about $460 thousand, up from $240 thousand last year.

Greenland's revenue increased 38.2% to $16.52 million from $11.95 million last year, reflecting ongoing customer demand growth and the fulfillment of backlog orders from the first quarter when the company implemented a COVID-19 related shutdown.

Looking forward, CEO Wang said, "Despite near term uncertainties related to COVID-19, we are very positive about the company's outlook for growth and profit expansion given our differentiated market position, track record of execution and innovation, large and growing global demand, and our robust financial position."

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