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Sany's exports shine but home sales flat
By Fu Chenghao |
October 24, 2012, Wednesday
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Print Edition
Print Edition
SANY Heavy Industry Co, China's leading construction-equipment maker, posted strong growth in exports in the first three quarters of the year but domestic sales were flat.
Exports surged 50 percent from January to September, Vice President He Dongdong said on the sidelines of a conference in Beijing, according to Reuters.
However, the domestic sales were lackluster but Sany still managed to outperform the broader market, he said, adding the whole industry for heavy machinery had shrunk around 20-30 percent in the first nine months from a year earlier.
The construction machinery industry, which is highly economically sensitive, is now facing unsold equipment left over after a construction boom fueled by the Chinese government's 4 trillion yuan (US$640 billion) economic stimulus program in 2008.
Caterpillar Inc, the world's largest construction and mining equipment maker, on Monday slashed its earnings forecast as the global economy decelerates.
Shanghai-listed Sany's first-half earnings suffered a worse-than-expected 13.5 percent drop due to an industry slowdown and unpaid bills. It expects demand to improve in the current fourth quarter or in early 2013.
Sany is also facing a setback in the US where its parent company is suing President Barack Obama for blocking its plan to build farms in Oregon on national security grounds.
Exports surged 50 percent from January to September, Vice President He Dongdong said on the sidelines of a conference in Beijing, according to Reuters.
However, the domestic sales were lackluster but Sany still managed to outperform the broader market, he said, adding the whole industry for heavy machinery had shrunk around 20-30 percent in the first nine months from a year earlier.
The construction machinery industry, which is highly economically sensitive, is now facing unsold equipment left over after a construction boom fueled by the Chinese government's 4 trillion yuan (US$640 billion) economic stimulus program in 2008.
Caterpillar Inc, the world's largest construction and mining equipment maker, on Monday slashed its earnings forecast as the global economy decelerates.
Shanghai-listed Sany's first-half earnings suffered a worse-than-expected 13.5 percent drop due to an industry slowdown and unpaid bills. It expects demand to improve in the current fourth quarter or in early 2013.
Sany is also facing a setback in the US where its parent company is suing President Barack Obama for blocking its plan to build farms in Oregon on national security grounds.
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