Weichai Power sees sales growth double in H1

Shanghai, August 21(Gasgoo.com) Weichai Power Co Ltd said that its first half net profit rose by nearly 100% year-on-year (y/y), an all-time record so far, reported Security Daily yesterday, citing Weichai Power’s audited first half financial results.

In the first half of 2008, Weichai Power recorded sales revenue of 20.979 billion yuan ($3.058 billion), up 36.8% from a year earlier and booked a net profit increase by 95.2% to 1.661 billion yuan, or 3.19 yuan per share, up 47.7% y/y, according to China Accounting Standards.
By June 30, 2008, the company had sold 202,000 engines, up about 43.9% y/y. The heavy-duty vehicles posted sales of 43000 units, up 40% y/y, and the transmission saw sales increase by 35.9% y/y to 331000 units.

Meanwhile, Weichai Power posted a rapid sales growth in exports. The company’s subsidiary Shanxi Heavy Duty Motor recorded exports sales of 6,999 heavy-duty motors and 15,917 engines respectively, soaring by 203.6% and 124.2% from a year earlier.