Chinese excavator manufacturer Sany reports take-off of profits

Leading Chinese heavy equipment manufacturer Sany Heavy Industry Co., Ltd. reported impressive profit growth for the first half of 2020, Xinhua News Agency reported. Net profit of the company's shareholders reached 8.47 billion yuan (about $1.23 billion) in the first half of the year, which is 25.48% higher on an annualized basis, according to the company's semi-annual financial report. During this period, Sany secured operating income at 49.2 billion yuan, which is 13.37% higher than in the same period a year earlier. Of the company's main products, excavator sales soared 17.22% year on year to 18.65 billion yuan, securing Sany's position as a leading seller in the Chinese domestic market for the tenth year in a row. The company attributes the rapid growth of sales in the first half of the year to the restoration of enterprises and construction, as well as the increase in demand in international markets, as well as significant progress in the field of research and development. Despite the COVID-19 pandemic, Sany's performance in foreign markets was better than expected: during this period, sales revenue amounted to 6.39 billion yuan.
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