Oct 29 (Reuters) - 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.