Three major engineering equipment makers posted lower profits in the first three quarters amid slower economic growth, Shanghai Securities News reported Tuesday. Sany Heavy Machinery Co. Ltd (600031.CN) said its net profit was down 49.3 percent in the nine months to September. Zoomlion Heavy Industry Science & Technology Co. Ltd. (000157.CN, 01157.HK) and XCMG Construction Machinery Co. Ltd. (000425.CN) said their earnings were down 45.48 percent and 46.3 percent, respectively. Sany saw its accounts receivable rise 50.6 percent while those of Zoomlion and XCMG were up 35.59 percent and 11.54 percent, respectively, the report said. Their combined outstanding accounts receivable were 68.07 billion yuan (US$11.08 billion) at the end of September. The companies may face increased default risks, analysts were quoted as saying.
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