Highway Holdings Ltd. (Nasdaq:HIHO) reported results for its fiscal 2012 first quarter ended June 30, 2011. Net sales for the fiscal first quarter were $6.46 million compared with $6.45 million a year earlier. Net income for the same period climbed sharply to $381,000, or $0.10 per diluted share, from $44,000, or $0.01 per diluted share, last year, supported by a favorable currency exchange gain of $100,000. During the comparable quarter in 2010, the company had a currency exchange loss of $257,000. Operating income for the current quarter increased 17.8 percent to $357,000 from $303,000 a year earlier.

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