China Yuchai H1 Profit Declines; Revenue Down 32.2%

(RTTNews) - China Yuchai International Limited (CYD) reported first-half net profit attributable to equity holders of RMB 93.7 million compared to RMB 253.7 million, last year. Earnings per share was RMB 2.29 compared to RMB 6.21.

Revenue decreased by 32.2% to RMB 8.6 billion. Total number of engines sold decreased by 36.6% to 180,911 units.

Weng Ming Hoh, President of China Yuchai, said: "Our sales in the first half of 2022 reflected China's weak economic growth of 2.5% for the first half and 0.4% in the second quarter of 2022, respectively. We are working in a difficult environment with lower economic growth, COVID-19 related travel restrictions and weak commercial vehicle demand. Despite the slowdown, we remained profitable with an improved gross margin."

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