China heavy equipment maker Sany expects profit surge in H1
SHANGHAI - China's leading heavy equipment manufacturer Sany Heavy Industry Co Ltd forecasted significant profit growth in the first half of 2019.
In a filing to the Shanghai Stock Exchange, Sany expected its net profit attributable to its shareholders to reach at least 6.5 billion yuan ($944 million) in the January-June period.
Sany said its profit was predicted to surge by 91.82 percent year-on-year, as factors including increased infrastructure construction, environmental protection and a shift from labor to machinery drove up sales.
The company also attributed the robust H1 performance to a larger market share of its excavators, concrete machinery and cranes, especially in the overseas market.
Shares of Sany closed 2.13 percent higher at 13.44 yuan on Wednesday.
