(Yicai Global) July 18 -- The share price of Sany Heavy Industry opened more than 2 percent higher today after the major Chinese heavy machinery manufacturer forecast its first-half net profit to double from the previous year.
Sany expects its net profit to rise to a range of CNY6.6 billion and CNY7.1 billion (USD959.8 million up), excluding nonrecurring gains, the Changsha-based company said in a statement. Ongoing infrastructure construction projects have raised the demand for Sany's products, such as excavators, cranes, concrete pumps and piling machines, it added.
Sany's [SHA: 600031] stock price stood x percent higher at 11.08 a.m. The Shanghai Composite Index, the bourse's main benchmark, was down 0.8 percent.
Editor: Emmi Laine