China's Sany Heavy Ind Q2 profit slides

  • Business Premium
  • Friday, 31 Aug 2012

HONG KONG: China excavator maker Sany Heavy Industry Co Ltd missed forecasts with a 28 percent fall in secondquarter net profit, its biggest quarterly profit drop since 2008, as the country's economic slowdown led to an increase in unpaid bills.

The outlook for the industry is further clouded by a flood of unsold equipment left over after a fouryear boom fuelled by China's massive 2008 stimulus programme and intense competition.

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