China Yuchai International Ltd. (CYD), a powertrain solution manufacturer, Tuesday reported lower earnings for the second half of the year, on higher selling, general and administrative expenses. However, revenue increased by 18.9 percent.
Half yearly earnings decreased to RMB 107.1 million or $15.1 million from RMB 124.9 million or $17.63 million in the last year.
Earnings per share declined to RMB 2.62 or $0.37 from RMB 3.06 or $0.43 in the prior year.
Selling, general and administrative expenses increased 31.7 percent to RMB 1.0 billion or $147.9 million from RMB 795.3 million or $112.3 million in the previous year.
Nevertheless, revenues rose to RMB 8.9 billion or $1.3 billion from RMB 7.5 billion or $1.05 billion in the last year, on a higher number of engines sold which increased by 5.2 percent to 147,700 units from 140,345 units previously.
On Monday, China Yuchai shares closed at $8.83, up 2.16% on the New York Stock Exchange.
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