Weichai sees jump in H1 profit as markets grow

HONG KONG, July 24 (Reuters) - Weichai Power Co Ltd (2338.HK) said late on Wednesday it estimated its net profit attributable to shareholders for the first half of 2008 would increase between 50 and 100 percent year-on-year on thriving engine demand.

Major Chinese engine maker Weichai 000338.SZ said the rapid expansion of the heavy-duty truck and construction machinery markets had helped it sell 200,000 engines over the 6-month period, an increase of 43 percent over last year.

The company posted net profit attributable to shareholders of 975.2 million yuan ($142.8 million) before an accounting adjustment during the first half of 2007, and 850.7 million yuan after the adjustment.

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Shares of Weichai have fallen about 36.6 percent so far in 2008 to end at HK$36.10 on Wednesday. (US$1=HK$7.8=6.829 yuan) (Reporting by Donny Kwok; editing by Jonatan Hopfner)