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Companies

China's XCMG forecasts 77% net profit jump in Q1 on strong demand

(Xinhua)
Updated: 2010-04-17 11:09
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BEIJING - The Xugong Construction Machinery Co, Ltd(XCMG), China's largest construction machinery maker, has forecast its net profit in the first quarter this year surged 77 percent year-on-year.

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The Jiangsu province-based company said in a statement filed to the Shenzhen Stock Exchange that its net profit hit 500 million yuan ($73.3 million) in the first three months.

Earnings per share stood at 0.58 yuan, up 77 percent from a year earlier.

XCMG attributed the profit jump to its expansion on production and selling driven by strong market demand.

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