China Yuchai's (NYSE:CYD) main operating subsidiary, Guangxi Yuchai Machinery has delivered a total of 303 hybrid engines to Inner-Mongolia Tian'an Public Transportation Group and Lanzhou Mass Transit Company.
All of the engines are compliant with National V emission standards.
Net earnings of $9.1M, or $0.23 per share vs. $0.97 per share in the same quarter in 2014.
Revenue decreased by 25.4% to 450.7M compared the same period a year ago.
Total number of engines sold was 60,143 units vs. 93,094 units in the fourth quarter a year earlier.
"2015 was a challenging year for the diesel engine industry in China," President Weng Ming Hoh said. "While we wait for the economy to improve, we will continue to focus on costs control, expanding our product offerings, improving engine quality and strengthening our financial position."
China Yuchai's (NYSE:CYD) main subsidiary, Guangxi Yuchai Machinery Company, has entered into an equity transfer agreement to sell its 100% shareholding interest in Xiamen Yuchai Diesel Engines to a third party.
Pursuant to the agreement, Guangxi will receive a total consideration of RMB189.5M, and expects to record a loss of RMB17.6M from the transaction.