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Zoomlion Heavy expects 75% profit jump for 2011

Feb. 1, 2012 (China Knowledge) - Zoomlion Heavy Industry Science and Technology Co Ltd<000157><1157>, a top construction equipment manufacturer in China, said its net profit for 2011 might have reached between RMB 7.23 billion and RMB 8.17 billion, reflecting a year-on-year jump of 55% to 75%.

In a statement filed with the Shenzhen Stock Exchange, the company said its earnings per share for the last year might have soared to between RMB 0.94 and RMB 1.06, principally boosted by increased sales.

During the period from January to September 2011, the construction equipment supplier's net profit attributable to shareholders nearly doubled to RMB 5.96 billion. The firm's operating cash flow was RMB 1.09 billion at the end of last September, less than RMB 3.83 billion it had as of September 30, 2010.

Based in Changsha, Hunan Province, the company has received approval from the National Development and Reform Commission to build a production base in the U.S. and a research and development center in South America to expand its overseas market.

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