China Construction Machinery Business Online
Zoomlion concrete pump profits up
Post Date: 2012-08-31

Zoomlion Heavy Industry Science & Technology Co. , China’s second-biggest maker of construction equipment, boosted first-half profit 21% after raising its share of the concrete-machinery market and boosting exports. Net income rose to 5.62 billion yuan ($885 million) from 4.63 billion yuan a year earlier, the Changsha, China-based company said in a Hong Kong stock exchange filing yesterday.

Zoomlion’s revenue jumped 21% as new products, greater customer credit and overseas sales helped it weather a “longer than expected” slowdown in domestic demand. “The growth of the construction-machinery industry will slow down” in China, Zoomlion said. “The export of domestic construction-machinery products will continue to increase.”

Zoomlion’s profit from concrete machinery, its biggest unit, rose 52% to 6.12 billion yuan. The company’s trade receivables, after provisions for impairments, jumped 63% to 18.9 billion yuan. Revenue rose to 29.1 billion yuan. Overseas sales jumped 27%, helped by the introduction of truck-mounted concrete pumps in Germany and crane sales in Iran. The company didn’t break down sales by region.

Zoomlion has fallen 1.1% this year in Hong Kong trading. The benchmark Hang Seng Index has risen 6.1%. Zoomlion is trying to sell its sanitation-equipment unit to focus on construction machinery. The company this week extended the deadline for bids to as late Dec. 31 in the expectation of finding a buyer.

 

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