China Yuchai 1Q Profit Falls On Lower Engine Sales
NEW YORK (AP) — Diesel engine maker China Yuchai International Ltd. said Monday its first-quarter profit fell 27 percent, pulled down by lower demand from commercial vehicle makers.
China Yuchai posted a profit attributable to common shareholders of 167.9 million yuan ($26.7 million), or 4.5 yuan (72 cents) per share, down from 230.5 million yuan, or 6.18 yuan per share, in the same quarter last year.
Revenue dropped 13 percent to 3.68 billion yuan ($585 million) from 4.23 billion yuan in the year-ago quarter.
China Yuchai said its revenue was hurt by lower demand for engines from the commercial vehicle market. Sales of engines fell 18 percent to 131,697 units.
China Yuchai's U.S. shares rose 38 cents, or 2.9 percent, to $13.69 in afternoon trading.