August 31 -- Changsha Zoomlion Heavy Industry Science and Technology Development (000157,1157.HK), a major maker of construction machinery and cranes, recorded a 110.13 percent year-on-year increase in first half 2011 net profit to 4.63 billion yuan, with earnings per share of 0.6028 yuan, up 69.23 percent, reports yicai.com, citing a company filing.

The company beat its previous estimate of an 80-110 percent year-on-year increase in first half earnings made in July.

Sales revenue rose 50.09 percent to 24.15 billion yuan, while operating profit increased 112.64 percent year-on-year to 5.37 billion yuan.

The concrete machinery business generated revenue of 11.13 billion yuan, with gross profit margin of 36.3 percent, up 5.29 percentage points from the same period a year ago.
The crane business posted revenue of 8.21 billion yuan, with gross profit margin of 26.3 percent, down 1.34 percentage points year-on-year.

Zoomlion was top-ranked in the tower crane, pedrail, and sanitation machinery markets.

Revenue from the domestic market rose 51.23 percent year-on-year in the first half, while revenue from overseas markets increased 27.86 percent.

The company plans to expand its presence in second and third-tier cities and establish overseas production bases and sales outlets in the second half of 2011.

Zoomlion expects a drop in the growth rate of fixed-asset investment in the second half of the year, which will impact the construction machinery sector.

Source:capitalvue