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China heavy equipment maker Sany expects profit surge in H1

Xinhua | Updated: 2019-07-18 13:36
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People visit the Sany stand at the 11th International Trade Fair for Construction Machinery, Building Material Machines, Construction Vehicles and Equipment, also known as Bauma China 2018, in Shanghai on Nov 29, 2018. [Photo/IC]

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.

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