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China Yuchai Int'l sees profit down 23.68% in Q4

Feb. 29, 2012 (China Knowledge) - China Yuchai International Ltd<CYD>, a leading Chinese diesel engine manufacturer, has posted RMB 342.6 million or US$54.4 million-net profit attributable to shareholders for the fourth quarter of 2011, reflecting a year-on-year decline of 23.68% from RMB 448.9 million.

In the reporting period, the U.S.-listed company's earnings per American Depositary Share were RMB 9.19, less than RMB 12.05 in the same period of 2010.

Operating revenue for the fourth quarter of 2011 totaled RMB 3.7 billion, compared with RMB 3.8 billion in the corresponding period of 2010. Gross profit for the fourth quarter of last year totaled RMB 1 billion with gross margin decreasing to 27.7%.

In the three months ended Dec. 31, 2011, China Yuchai International sold 104,352 diesel engines, compared with 115,460 units in the fourth quarter of 2010.

For the whole year of 2011, the company reaped RMB 791.8 million in net profit, whereas it earned RMB 1.1 billion in 2010. Earnings per ADS stood at RMB 21.25 last year, less than RMB 29.98 a year ago.

Operating revenue was RMB 15.4 billion last year, compared with RMB 16.2 billion in 2010. Gross profit for 2011 totaled RMB 3.4 billion with a gross margin of 22.3%.

As of Dec. 31, 2011, the leading Chinese diesel engine maker had RMB 4.12 billion in cash; earlier, it had RMB 4.06 billion at the end of 2010.

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