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Zoomlion says expects 2015 net profit to slump as much as 90 pct
January 29, 2016 / 9:35 AM / in 2 years

Zoomlion says expects 2015 net profit to slump as much as 90 pct

BEIJING, Jan 29 (Reuters) - Zoomlion Heavy Industry Science and Technology Co on Friday warned its 2015 net profit would fall by up to 90 percent due to slowdown in its market.

The weak yuan also hurt its earnings, it added.

Zoomlion estimated net income at 50-100 million yuan ($7.60-15.20 million), compared to 594.1 million yuan a year earlier, it said a stock exchange filing.

Earlier in the week, Terex Corp said it received an unsolicited offer from Zoomlion, valuing the U.S. crane maker company at about $3.28 billion.

Zoomlion’s Hong Kong-traded shares closed up 1.0 percent ahead of its results on Friday, lagging a 2.54 percent rise of the Hang Seng Index

$1 = 6.5780 Chinese yuan renminbi Reporting by Fang Yan and Matthew Miller in BEIJING; Editing by Miral Fahmy

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