Caixin Online reports Sany Heavy Industry Company Ltd., makers of excavators, cranes, and concrete machinery, said the company's revenue dropped 18.5 percent in the first half of the year to $1.68 billion and profits fell 48.6 percent during the same period.
Sany said in its midyear report that the sharp drop in China's housing construction boom last year is the cause.
Sany's rivals have seen their profits tumble even faster amid the building slowdown, with Zoomlion Heavy Industry Science and Technology Co. and XCMG Group both reporting first-half profits that skidded more than 85 percent.
According to the report, China's slowdown is starting to ease. "The period of sharpest declines is past," said Lv Ying, secretary of China's national industry association for construction equipment makers. "But it's unclear whether the industry has bottomed out yet."
Sany described the current environment as "in the midst of a slowdown, with signs of stability," referring to demand for its products such as cranes and bulldozers.