Yongmao posts six-fold rise in Q3 net profit

CHINA-BASED crane maker Yongmao Holdings has reported a net profit of 12.4 million yuan (S$2.6 million) for its third quarter ended Dec 31, 2013 - almost six times the 2.1 million yuan it made a year ago.

This was due to higher sales of higher-margin luffing tower cranes in China and the wider Asia markets.

A company spokeswoman told BT yesterday that the company achieved higher margins because not many producers make these cranes in China, which are typically used in congested spaces.