Volvo rival Lonking surges on positive profit warning, strong December sales
STOCKHOLM (Reuters) - Lonking (3339.HK), one of the largest companies in the Chinese loader market and a rival of Volvo Construction Equipment (VCE), rose 10 percent on Monday after it issued a positive profit warning for 2013.
Separately Citi wrote in a note that Lonking's sales of loaders surged 95 percent year on year to 3,131 units in December.
VCE, is a leading player in the Chinese wheel loader market, through its majority stake in Shandong Lingong (SDLG).
Volvo shares rose 1.9 percent by 5:50 a.m. EST, compared to a gain of 0.3 percent in the Stockholm blue-chip index OMXS30 .OMXS30.
VCE had sales of roughly 40 billion Swedish crowns ($6.16 billion) in the first nine months of 2013, roughly a fifth of Volvo Group's total sales.
($1 = 6.4943 Swedish crowns)
(Reporting by Johannes Hellstrom; Editing by Simon Johnson)
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- Malaysia military source says missing jet veered to west |
- Toddler found with heroin at New Jersey daycare center
- Ukraine appeals to the West as Crimea turns to Russia |
- Special Report: How China's official bank card is used to smuggle money |