XCMG Construction Machinery Co., Ltd. (XCMG, 000425), a leading Chinese construction machinery manufacturer, released its preliminary financial report for 2017 on the cninfo.com.cn website on Tuesday.
This unaudited annual financial report, covering the period from January 1, 2017 to December 31, 2017, showed a better year-on-year performance for the company.
The profits attributable to its shareholders of this listed company are in the range of RMB one billion to RMB 1.05 billion, an impressive rise compared to the figure of about RMB 208.5832 million for the previous year.
Earnings per share is expected to be between RMB 0.143 and RMB 0.150, compared to RMB 0.03 in 2016.
In this preliminary financial report, XCMG credits the significantly improved business revenues and profits to its better management practices and intensive technological enhancements in 2017.
In 2017, it executed various management measures aimed at reducing costs, cutting expenses, curbing risks, and lifting efficiency.
Also, in pursuit of constant technological breakthroughs, it accelerated a full-scale transformation of its most competitive products to give them more high-end features, better reliability, higher added value, and larger tonnage capacity.
Thanks to these efforts, this company has remarkably boosted its competitiveness on the market, and registered full-scale expansion at home and abroad, just as the manufacturing industry was recovering after years of stagnation.
The forecast says XCMG is now developing under a new model that features excellent quality, high efficiency, large-scale capacity, and good sustainability.
The detailed fiscal data for this company will be available in its final annual performance report for 2017, which will be published later.
XCMG Construction Machinery Co., Ltd., a state-owned enterprise headquartered in Xuzhou City, the capital city of Jiangsu Province in central China, is a leading manufacturer in the construction machinery industry both at home and abroad.
It is ranked the second largest player among China's Top 100 Machinery Manufacturers. Globally, it is the fifth largest construction machinery manufacturer.
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