XCMG sales soar in first-half of 2011
Chinese machine maker's revenue reaches $3bn in H1 2011
Sales of one of the Middle East fastest growing suppliers of construction machinery XCMG increased by 44% in the first half of 2010.
The Chinese company told its shareholders that it posted a 61.7% in year-on-year growth in net profit while its revenue reached $3 billion.
The road machinery, scrapers and mixing machine-maker attributes the increase in profit not just from the boost in sales but also newly introduced payment procedures including negotiating longer payment periods and increase payment installments.
As a consequence XCMG revealed that its account receivable – the amount owed by its debtors - increased by 148%.
XCMG announced last week that it is aiming to raise up to $2 billion on the Hong Kong stock exchange via BNP Paribas, CICC, Credit Suisse, HSBC, Macquarie and Morgan Stanley to help fubd the expansion of its domestic and global presence.