LiuGong Machinery Corp, the leading global China-based heavy construction equipment manufacturer, continues its juggernaut-like growth, posting record sales, profits and export volumes during the first half of 2010, company officials reported. LiuGong set a sales record of US$1.2 billion (€ 986 million, ¥ 8 billion) through June, a 63.5 per cent increase from the same period last year, when the company posted ¥ 4.9 billion in sales. LiuGong’s net profits were US$137.8 million (€ 99.2 million, ¥ 919 million) on US$165 million gross profits (€119 million, ¥ 1.1 billion.) This represents a 148 per cent increase on the same period last year when the firm earned ¥370 million in net profits. LiuGong reported earnings of US$.21 (€.15, ¥ 1.41) per share. The company sold 2,220 machines through export, a 39 per cent increase over the first half of 2009. LiuGong sold 27,908 units domestically, a 60 per cent increase over 2009.
Wheel loaders, excavators, cranes and forklifts comprised the top product volumes sold. The company posted no less than double digit growth, and in several cases, triple digit growth, in many of its product lines. For example, LiuGong reported a 43 per cent increase in wheel loader sales, 105 per cent increase in excavator sales, 75 per cent increase in crane sales, 87 per cent increase in roller sales and a 125 per cent increase in forklift sales. “We continually work on fulfilling our plans. Our many years of pursuing Six Sigma quality processes are reaping dividends for LiuGong as the quality of our machines continues to impress customers,” said Zeng Guang’an, Vice Chairman and President. “Our growth worldwide continues as we sign on new dealers and expand into new markets.”