Sany says 2017 net profit up by 928%

Global Times - - Biz Overview -

Lead­ing Chi­nese ma­chin­ery pro­ducer Sany Heavy In­dus­try Co on Tues­day said net profit rose 928.35 per­cent in 2017 to 2.09 bil­lion yuan ($332.9 mil­lion).

Ac­cord­ing to its fi­nan­cial state­ment, posted on the web­site of the Shang­hai Stock Ex­change, rev­enue reached 38.34 bil­lion yuan, up 64.67 per­cent.

The com­pany said its ro­bust sales growth re­flected its sta­ble mar­ket po­si­tion. Sales across the en­tire range of prod­ucts grew strongly, with ex­ca­va­tors up 83 per­cent and cranes up 93.5 per­cent.

Specif­i­cally for the ex­ca­va­tors, Sany earned 13.67 bil­lion yuan in do­mes­tic sales, mak­ing it the sales cham­pion for a sev­enth con­sec­u­tive year, with a mar­ket share of 22 per­cent, said the com­pany’s state­ment.

In the in­ter­na­tional mar­ket, Sany saw 25.1 per­cent year-on-year sales growth to 11.62 bil­lion yuan.

“The com­pany will firmly pro­mote in­ter­nal­iza­tion and en­gage in the Belt and Road ini­tia­tive… Sany’s man­age­ment teams in Putzmeis­ter [in Ger­many], the US and In­dia have ba­si­cally com­pleted the lo­cal­iza­tion of tal­ent and man­u­fac­tur­ing,” the state­ment noted.

In China, 25 lead­ing ex­ca­va­tion ma­chine mak­ers sold more than 140,000 units last year, surg­ing 99.5 per­cent yearon-year, ac­cord­ing to in­dus­try data, the Xin­hua News Agency re­ported in Jan­uary.

Sales of ex­ca­va­tors are a sig­nif­i­cant eco­nomic in­di­ca­tor as grow­ing de­mand usu­ally means boom­ing min­ing and in­fras­truc­ture de­vel­op­ment.

File photo: IC

A crane of Sany be­ing dis­played in Nan­jing, cap­i­tal of East China’s Jiangsu Prov­ince.

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