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Sany Heavy forecasts 60% surge in 2011 profit

Feb. 1, 2012 (China Knowledge) - Sany Heavy Industry Co Ltd<600031><0631>, a leading Chinese heavy construction equipment maker based in Changsha, Hunan Province, said yesterday that it expects net profit to grow between 50% and 60% year on year in 2011.

The company said in a statement filed with the Shanghai Stock Exchange that the strong growth in net profit was mainly due to an increase in sales and higher market share.

In 2010, the company's net profit was RMB 5.62 billion.

In the first three quarters of 2011, the firm's net profit jumped 72.59% year on year to RMB 7.67 billion, with earnings per share at RMB 1.01.

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