China's XCMG posts soaring business revenue in 2009

XCMG Construction Machinery Co., Ltd.(XCMG), China's largest construction machinery maker, said Tuesday its business revenue in 2009 surged 30.3 percent year on year to nearly 20.7 billion yuan (3 billion U.S. dollars).

In its annual report of 2009 to the Shenzhen Stock Exchange, the company said its 2009 net profit reached 1.74 billion yuan, up 16.4 percent year on year. The earnings per share stood at 2.01 yuan, compared to 1.72 yuan per share in 2008.

The Jiangsu-based company attributed rising profits to its focus on domestic market, technological innovations, asset regroup as well as overseas expansion.

Despite revenue rise, XCMG's shares opened slightly lower at 35 yuan per share on Tuesday morning, down 0.28 percent from the previous closing.

Source: Xinhua