Construction company's net profit surges in H1

Sany Heavy Industry Co, one of China's top three construction machinery manufacturers by production volume, reported on Tuesday night that its sales revenue was up 71.2 percent year-on-year to 19.2 billion yuan ($2.9 billion) in the first half of this year.

The revenue surge was largely pushed by the development of the Belt and Road Initiative and growing demand in the domestic market for next-generation construction machinery such as excavators, bulldozers, pipe-layers, road rollers and wheel loaders since the second half of 2016.

The company's first-half fiscal report said that Sany has gained steady momentum in the past six months. Its net profit topped 1.1 billion yuan, up a staggering 740.9 percent year-on-year. The group's assets had reached 59.52 billion yuan by the end of June.