China's two largest power generating equipment makers listed in Hong Kong saw their net profit tumble last year, hurt by the mainland's credit squeeze which forced cash-strapped customers to delay orders.
Dongfang Electrical Machinery said its net profit tumbled 36.2 per cent to 56.8 million yuan (about HK$52.76 million), despite an 11 per cent rise in turnover to 647.19 million yuan.
The company's operating profit tumbled 38.5 per cent to 65.10 million yuan, representing a squeezed margin of 10 per cent, down from 18 per cent a year ago.
Earnings per share were 12.6 fen. A final dividend of 10 fen would be given to shareholders.
Harbin Power Equipment said its net profit dropped 30.76 per cent to 84.53 million yuan, while its turnover fell almost 10 per cent to 2.4 billion yuan.
Operating profit skidded 31 per cent to 98.91 million yuan, representing a lower margin at 4.1 per cent from 5.3 per cent a year ago.
