Sany Heavy, Zoomlion Warn of Tumbling Profits on Covid-Hit Economy

A slowing economy due to repeated Covid-19 outbreaks and subsequent lockdowns delivered a one-two punch to Sany Heavy Industry Co. Ltd. last year, with China’s top construction-machinery manufacturer estimating an annual profit plunge of two-thirds, as the property crisis also continued to weigh.

Shanghai-listed Sany — for which excavator sales are a major revenue driver — said that it expects 2022 net profit attributable to shareholders to be between 4 billion yuan ($592 million) and 4.6 billion yuan, representing a year-on-year drop of up to 66.8%, according to an exchange filing on Tuesday.