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Sany's net earnings tumble 59%
By Richard Fu |
October 30, 2012, Tuesday
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Print Edition
Print Edition
NET profit at Sany Heavy Industry Co, China's largest heavy machinery maker, tumbled 59 percent in the third quarter as an economic slowdown cut demand for excavators and cranes.
The Changsha, Hunan Province-based company posted a net profit of 714 million yuan (US$114 million) for the period, compared with 1.73 billion yuan a year earlier, according to a filing to the Shanghai Stock Exchange. The profit was lower than an average forecast of 1.3 billion yuan by four analysts in a Reuters survey.
Sany, which competes with Caterpillar Inc and Komatsu Ltd, has fallen victim to China's economic slowdown over seven quarters. Sany's exports surged 50 percent in the first nine months of the year but domestic sales were flat, an executive said last week.
Sany said its accountable receivables, or the money owed by its clients, rose 83 percent to 20.7 billion yuan as of September 30 from a year earlier.
The Changsha, Hunan Province-based company posted a net profit of 714 million yuan (US$114 million) for the period, compared with 1.73 billion yuan a year earlier, according to a filing to the Shanghai Stock Exchange. The profit was lower than an average forecast of 1.3 billion yuan by four analysts in a Reuters survey.
Sany, which competes with Caterpillar Inc and Komatsu Ltd, has fallen victim to China's economic slowdown over seven quarters. Sany's exports surged 50 percent in the first nine months of the year but domestic sales were flat, an executive said last week.
Sany said its accountable receivables, or the money owed by its clients, rose 83 percent to 20.7 billion yuan as of September 30 from a year earlier.
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