China's heavy equipment maker Sany reports record profit in H1

BEIJING - China's leading heavy equipment manufacturer Sany Heavy Industry Co Ltd reported significant profit growth in the first half (H1) of 2020.

Net profit attributable to its shareholders hit 8.47 billion yuan ($1.23 billion) in H1, up 25.48 percent year-on-year, according to its semi-annual financial report.

During the period, Sany raked in an operating income of about 49.2 billion yuan, up 13.37 percent year-on-year.

Among its major products, sales of excavators rose 17.22 percent year-on-year to about 18.65 billion yuan, retaining its position as the top seller in the domestic market for the tenth consecutive year.

The company attributed the robust H1 performance to work and production resumption, expansion in the overseas market and notable progress in research and development.

Despite the COVID-19 pandemic, Sany saw a better-than-expected overseas market performance, with its sales revenue standing at 6.39 billion yuan during the period.