Oct 29 Sany Heavy Industry Co Ltd,
China's biggest heavy machinery maker, reported a 59 percent
fall in third-quarter net profit, hit by weakening demand caused
by the slowdown in the world's second largest economy.
Sany, which competes with U.S. firm Caterpillar in
earthmoving, excavation and paving machines, posted a net profit
of 714.2 million yuan ($114.29 million) for the third quarter,
down from 1.73 billion yuan a year earlier, the firm said in a
statement to the Shanghai stock exchange.
That lagged an average forecast of 1.3 billion yuan from
four analysts surveyed by Reuters.
Sany Heavy's domestic sales were flat during the first three
quarters of the year, outperforming a 20-30 percent slide in the
sector overall, the firm's vice president, He Dongdong, said
last week. Its overseas sale rose 50 percent on year in the same
period, He added.
Sany's shares, which have dropped more than 25 percent so
far this year, closed down 0.6 percent on Monday, before the
results were announced, in line with a similar fall in the
CSI300 index of top Chinese companies.