BEIJING, April 28 Chinese heavy machinery maker Sany Heavy Industry Co reported a more than 300 percent jump in its first-quarter net profits on Thursday.

It did not give an explanation for the spike but said one of its subsidiaries took control of two firms in January.

Company executives could not immediately be reached for comment.

Sany said it made a net profit of 90.2 million yuan ($13.93 million) in the first three monts of the year, up from 20.6 million in the same period last year.

Annual earnings were down 80.5 percent last year at 138.6 million yuan.

Heavy equipment makers in China are struggling with unsold product, idle factories and tumbling earnings in a severe market downturn following years of strong growth after Beijing launched a $644 billion stimulus package in 2008.


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