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China Yuchai Q4 gross profit down China Yuchai Q4 gross profit down

ABR Staff Writer Published 28 February 2012

China Yuchai International (China Yuchai) has reported gross profit of RMB1bn ($158.75m) for the fourth quarter ended 31 December 2011 compared to RMB1.3bn ($206.38m) for the same period in 2010.

The company posted net revenue of RMB3.7bn ($594.6 m) for the fourth quarter of 2011, compared to RMB3.8bn ($603.2m) for the same period prior year.

Operating profit for the first quarter of 2011 was RMB636.4m ($101m) compared with RMB793.9m ($126m) in the same quarter a year ago.

China Yuchai manufactures and distributes diesel engines in China via its main operating subsidiary, Guangxi Yuchai Machinery (GYMCL).

For the quarter GYMCL sold a total of 104,352 diesel engines, compared to 115,460 units in the fourth quarter of 2010.

For the full year of 2011, the company posted a gross profit of RMB3.4bn ($539.76m) compared to RMB4bn ($635m) in 2010.

China Yuchai president Benny Goh said the company is pleased with its performance in the difficult environment in China in 2011.

"While challenges were experienced in certain segments such as the heavy-duty diesel engine sector, our broad and diverse portfolio of diesel engines allowed us to leverage on our strength in the light-duty engine segment," Goh said.

"In 2011, we also made progress into the market for off-road applications. Our off-road applications, noticeably in the engineering machinery, agricultural equipment and marine sector, although making up a small segment of sales in 2011, showed promising growth."