Liu Gong Machinery forecasts soaring profit in 2009
Liu Gong Machinery, China's leading manufacturer of crane and construction equipment, edged up 0.87 percent to close at 19.68 yuan (2.88 U.S. dollars) per share on Wednesday (January 27) after forecasting a 137-percent jump in annual net profits last year.
In a statement filed to the Shenzhen Stock Exchange earlier in the day, LiuGong Machinery said it expected last year's net profit to be around 805 million yuan, and earnings per share to be about 0.72 yuan.
The profit rise was attributable to an increase in sales revenue and lower costs of raw materials in 2009, it said.
