SHANGHAI Zhenhua Port Machinery's first-half profits grew 43 percent as business in China and the Americas soared, the company announced on the Shanghai Stock Exchange Website yesterday.
Zhenhua's revenues grew 11 percent to 9.25 billion yuan (US$1.22 billion). Its profits rose to 990.2 million yuan.
"During the reporting period, there was good news for the company on a frequent basis," the board of directors reported. "The company signed many large supply contracts with ports both home and abroad for the supply of heavy container cranes."
Orders from ports in China and the Americas were the main drivers behind the growth. Domestic sales, which make up 17 percent of Zhenhua's business, grew 36 percent to 1.57 billion yuan. On the international front, lagging revenues from Asia, Europe and Africa were mitigated by strong exports to the Americas, which rose 66 percent to 1.31 billion yuan.
The Shanghai-based company has a 74-percent global market share in quayside cranes.