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Sany Heavy Industry, the flagship construction equipment manufacturer
controlled by Chinese billionaire Liang Wengen, said Saturday net profit
in the first six months of the year plunged 48% to 1.4 billion yuan, or
$223 million, amid slower growth in GDP and investment spending in the
world’s second-largest economy.
Revenue during the period shrank 10.7% to 19.7 billion yuan, or $3.2 billion.
Shares in Shanghai-traded Sany, whose rivals include Caterpillar, have
lost more than a fifth in the past year. They are off more than
three-quarters from their most recent peak in 2011.
Liang, who topped the Forbes China Rich List in 2011 with wealth of $9.3
billion, ranked No. 345 on the 2014 Forbes Billionaires List with
wealth of $4.3 billion.