CYI Announces Unaudited 2008 Consolidated Financial Results
China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company"), announced on June 30th its unaudited consolidated financial results for fiscal year 2008.
Unaudited consolidated net revenues for the fiscal year ended December 31, 2008 were RMB 10.4 billion compared with audited consolidated net revenues of RMB 9.6 billion in 2007, reflecting a 8% year-over-year increase.
The Company expects its unaudited consolidated net income for 2008 to fall within the range of RMB 245.0 million and RMB 300.0 million and the unaudited earnings per share range is expected to fall within the range of RMB 6.57 and RMB 8.05. In 2007, the Company achieved audited consolidated net income of RMB 525.5 million, or RMB 14.10 basic and diluted earnings per share. The expected decline in net income for 2008 is due mainly to increased raw material prices which were substantially higher in 2008. As of December 31, 2008, a total of 37,267,673 shares were issued and outstanding.
China Yuchai will be unable to file its annual report on Form 20-F containing its audited consolidated financial statements for the fiscal year ended December 31, 2008 (2008 Annual Report) with the U.S. Securities and Exchange Commission ("SEC") by the filing deadline of June 30, 2009 as a result of a change in its principal independent auditors to Ernst & Young LLP, which was only approved by shareholders at its Annual General Meeting on April 17, 2009. The Company has, today filed a notification of late filing on Form 12b-25 with the SEC in relation to its 2008 Annual Report.
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