Zoomlion Third-Quarter Profit Drops 34% on Weak China Demand
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Zoomlion Heavy Industry Science & Technology Co., China’s biggest construction equipment maker, posted a 34 percent drop in third-quarter profit amid weak demand and excess market capacity.
Net income fell to 889 million yuan ($146 million) from 1.34 billion yuan a year earlier, Zoomlion said in a filing to the Shenzhen stock exchange yesterday. Daiwa Capital Markets HK Ltd. estimated profit of 900 million yuan. Sales fell 13 percent to 8.73 billion yuan.