Profits at Zoomlion fall 48% in first half of year

Construction equipment maker Zoomlion (1157.HKG) on Wednesday said first half profits fell 48% year-on-year amid a slowdown in the Chinese economy, Bloomberg reported. Net income was US$476 million (RMB2.92 billion) in the six months ended June, compared with US$917 million a year earlier. Sales fell 31% to (US$3.29 billion). Zoomlion is contending with weaker sales as growth of fixed asset investment slowed in China. The stock has declined 45% this year, compared with a 5% drop in the benchmark Hang Seng Index.