Markets

Direct Investment

Highlights

Trends/Policies

Sany expects sales to hit 30 billion yuan in 2009

By Liu Weling, Feng Zhiwei, Diao Ying, and Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-08 11:47

Sany Heavy Industry Co expects its sales to reach 30 billion yuan this year, said Xiang Wenbo, president of the company.

Sales of the heavy machinery maker amounted to over 20 billion yuan in 2008, according to Xiang. Around $600 million of the revenue came from the overseas market.

On the sidelines of the annual session of the National People's Congress, Xiang said the company is expected to benefit from the government's economic stimulus plan, while predicting the domestic market will see a steady increase this year.

But he is pessimistic about the overseas market. "The heavy machinery industry has been impacted severely as a result of the financial crisis," he said.

The company's oversea sales went up by 160 percent in 2008, and he estimated that in 2009 the oversea sales will remain the same as last year, which were around $500 to $600 million.