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Firm set to win US$4b in new contracts
By Ding Yining |
February 1, 2011, Tuesday
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Print Edition
Print Edition
SHANGHAI Zhenhua Heavy Industry Co expects to secure US$4 billion of new contracts this year, an annual jump of 30 percent, as the domestic port machinery market and overseas demand will recover this year.
But the company predicted a net loss of 650 million to 750 million yuan (US$114 million) in 2010, the first time in its history, after sales fell by 10 billion yuan to 18 billion yuan because the economic crisis cut demand for port facilities. Sales are expected to rise to 20 billion yuan this year.
"We have received some purchasing intentions from energy companies since the end of last year, and the marine engineering market is expected to recover in 2012 after likely reaching the bottom this year," Kang Xuezeng, president of Zhenhua Heavy Industry, told a media briefing over the weekend.
The company, which is better known for its port facilities such as cranes, has been expanding its product line to cover offshore drilling platforms and other equipment to explore for energy.
It has a 76 percent share of the global port container equipment market.
But the company predicted a net loss of 650 million to 750 million yuan (US$114 million) in 2010, the first time in its history, after sales fell by 10 billion yuan to 18 billion yuan because the economic crisis cut demand for port facilities. Sales are expected to rise to 20 billion yuan this year.
"We have received some purchasing intentions from energy companies since the end of last year, and the marine engineering market is expected to recover in 2012 after likely reaching the bottom this year," Kang Xuezeng, president of Zhenhua Heavy Industry, told a media briefing over the weekend.
The company, which is better known for its port facilities such as cranes, has been expanding its product line to cover offshore drilling platforms and other equipment to explore for energy.
It has a 76 percent share of the global port container equipment market.
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