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Sany Heavy Industry, the flagship construction equipment manufacturer controlled by Chinese billionaire Liang Wengen, said Saturday net profit in the first six months of the year plunged 48% to 1.4 billion yuan, or $223 million, amid slower growth in GDP and investment spending in the world’s second-largest economy.

Revenue during the period shrank 10.7% to 19.7 billion yuan, or $3.2 billion.



Shares in Shanghai-traded Sany, whose rivals include Caterpillar, have lost more than a fifth in the past year. They are off more than three-quarters from their most recent peak in 2011.

Liang, who topped the Forbes China Rich List in 2011 with wealth of $9.3 billion, ranked No. 345 on the 2014 Forbes Billionaires List with wealth of $4.3 billion.

Sany Heavy Industry said earlier this month it plans to list a subsidiary that makes excavators at the Hong Kong Stock Exchange. Liang-controlled mining equipment maker Sany Heavy Equipment International Holdings went public in Hong Kong in 2009.

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