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Volvo rival Lonking surges on positive profit warning, strong December sales
January 13, 2014 / 10:06 AM / 4 years ago

Volvo rival Lonking surges on positive profit warning, strong December sales

A worker walks past new excavators at a Lonking factory in Shanghai March 1, 2011. REUTERS/Aly Song

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

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