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China Yuchai Q2 profit declines 14%

ABR Staff Writer Published 09 August 2011

China Yuchai International (China Yuchai) has reported profit of RMB771.1m ($119.2m) for the second quarter ended 30 June 2011, a decrease of 14% in dollar terms, compared to RMB895.1m ($138.3m) for the same period in 2010.

The company posted net revenue of RMB4.02bn ($620.7m) for the second quarter of 2011, compared to RMB4.01bn ($620.5m).

Operating profit for the second quarter of 2011 declined to RMB290.2m ($44.8m), compared to RMB331.1m ($51.2m) for the same period last year.

China Yuchai acting president and CFO Weng Ming Hoh said the company's success in selling a greater number of diesel engines in China during the second quarter of 2011 compared with the same quarter a year ago reflect our high-quality, advanced engines and the strength of its diversified product lines.

"We were able to quickly respond to changes in demand from different diesel engine market segments, providing an advantage over many of our domestic competitors," Hoh said.

"Sales of our diesel engines in both the off-highway category and our light-duty diesel engines offset lower demand in other market segments in the second quarter of 2011.

"The board of directors of GYMCL recently approved the construction of facilities at GYMCL's main plant at Yulin City, Guangxi Province, to increase the annual production capacity of marine diesel engines and power generators to meet potential demand over the next few years."

China Yuchai through its subsidiary, Guangxi Yuchai Machinery (GYMCL), engages in the manufacture, assembly, and sale of a array of light-duty, medium-sized and heavy-duty diesel engines for construction equipment, trucks, buses and cars in China.