Sany Heavy Industry - Profit Falls By 48% At Chinese Billionaire's Equipment

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.