Zoomlion Heavy Industry Science & Technology Co. said its 2022 net profit fell 63% as revenue declined.
The construction-machinery company said late Thursday that net profit fell to 2.35 billion Chinese yuan ($342 million), compared with CNY6.30 billion in the prior year.
Revenue dropped to CNY41.63 billion from CNY67.13 billion, the company said.
The company’s board proposed a final dividend of CNY0.32 per share.
Zoomlion said it is confident that demand for engineering machinery will continue to grow in China this year.