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Hong Leong Asia's engine-making unit China Yuchai achieves record sales in 2017
INDUSTRIAL conglomerate Hong Leong Asia said on Tuesday that China Yuchai International, its engine-manufacturing unit, has hit a record number of export sales in 2017.
Last year, China Yuchai exported 12,173 units to the global bus market, breaking the 10,000-unit mark for the first time.
Sales of its YC6L and YC6MK engine models exceeded 3,000 units, an increase of 64 per cent over the previous year.
Natural gas engine export sales grew to more than 2,500 units, a 300 per cent increase over the previous year.
Over 1,200 engine units were exported for use in the passenger vehicle market, an increase of 17 per cent over the previous year.
"In supporting the Chinese government's "One Belt, One Road" initiative, the growth of bus sales in international markets has become a priority," Hong Leong Asia said in a bourse filing on Tuesday.
Weng Ming Hoh, president of China Yuchai, added: "We are pleased with the export growth achieved in 2017 as the global markets provide another growth avenue for our diversified portfolio of commercial vehicle engines.
"We have especially leveraged our leading bus engines in China and our global service network to meet the needs of bus companies in foreign markets."
Hong Leong Asia units rose three Singapore cents or 2.63 per cent to S$1.17 on Tuesday before the announcement was made.