Zoomlion's 1H Result Disappoints on Weak Construction Sales, One-Off Losses; Under Review
No-moat construction machinery firm Zoomlion reported disappointing first-half results, with its interim net loss doubling to CNY 832 million, mainly on one-off losses related to restructuring charges and foreign exchange losses, while deteriorating demand for construction machinery led revenue to drop 15% year on year to CNY 9 billion. While Zoomlion's environmental and agricultural product portfolios (40% of our 2016 revenue estimate) managed to achieve 8% and 12% year-on-year revenue growth o...Zoomlion Heavy Industry Science And Technology Co., Ltd. is principally engaged in the research, development, manufacture and sales of engineering equipment, environmental sanitation equipment and agricultural equipment. The Company operates through four segments. The Engineering Equipment segment includes concrete equipment, lifting equipment, earthmoving equipment, foundation construction equipment, road construction equipment and forklifts, which mainly serve the construction of infrastructure and real estate. The Environmental Industry segment is engaged in the production of sanitation equipment, as well as environmental management investment and operating business. The Agricultural Equipment segment consists of farming machinery, harvesting machinery, drying machinery and agricultural machinery, among others. The Financial segment provides financial leasing and other financial services.
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