Zoomlion back in Libya as it almost doubles profit
Chinese manufacturer defies slow down to record rapid growth
Chinese manufacturer Zoomlion already had teams on the ground in Libya before Colonel Gadaffi’s reign in the country came to an end last week.
Speaking to PMV at last week’s BICES event in Beijing, a senior spokesperson for the company said that it expects to be resuming work shortly on many of the projects the company was involved in before conflict broke out in the country earlier this year.
The spokesman added that despite the company’s continued growth, the Chinese market had slowed since the beginning of the year. However Zoomlion itself has defied recorded rapid growth in the first nine months of 2011.
The cooling of the Chinese economy has recently led Zoomlion’s boss Zhan Chunxin to warn there are too many excavators being produced for the domestic market, but the company, which is a major crane exporter to the Middle East, has performed strongly and improved its sales by 92% in the first three quarters of 2011.
The company said it forecasts net profit for the first nine months of 2011 to rise to between $913.6 million to $1 billion.