Heavy construction machinery maker Sany Heavy Industry Co. Ltd. (600031.SH; 6031.HK) announced on Wednesday that its revenue for the first quarter reached 24.04 billion yuan ($3.52 billion), up 14.2% year-on-year, while its profit edged up by a slower 0.5% to 2.48 billion yuan.
Excluding non-recurring items, its profit for the quarter fell 16.2% year-on-year to 2.01 billion yuan. Net cash flow from operating activities declined 19.8% to 3.54 billion yuan.
The company attributed the revenue growth to increases in both domestic and international sales. Meanwhile, its finance costs became a negative item in the latest reporting period, reversing from a positive item a year earlier, weighing on profitability.
Sany’s stock opened lower on Thursday in Hong Kong and was trading at HK$21.94 by the midday break, down 1.7%.
By Lee Shih Ta
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