China Yuchai International Limited (CYD), a China-based provider of diesel and gas engines, Monday reported a higher profit for the third-quarter on the back of reduced expenses. Revenue however, slipped due to lower demand in the commercial truck market.
For the quarter, the company posted net income of $17.5 million or $0.47 per share, up from $10 million or $0.27 per share in the prior-year period. Selling, general and administrative expenses were $55.7 million compared with $65.4 million a year ago. The operating income for the period has been $6.4 million versus a loss of $4.1 million for the same period last year.
Benny Goh, President of China Yuchai said the truck market has been weak as heavy-duty division continued to experience slower demand.
Revenue for the three-months was $485.2 million, down from $543.8 million a year ago, reflecting 8.5 percent decrease in the diesel engines sold by GYMCL at 97,328 units.
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