Tuesday, 01 Nov 2011It is reported that XCMG Construction Machinery plans to inject CNY 360 million in cash into XCMG Imports and Exports Limited to expand its international business.

Following the injection, the wholly controlled subsidiary which realized net profits of CNY 220 million on revenues of CNY 6.84 billion in 2010 will have registered capital of CNY 500 million.

For the first three quarters, the parent firm recorded a 29.61%YoY and 42.11%YoY growth in revenues and net profits to 25.23 billion and CNY 2.83 billion respectively.

Source:steelguru.com