(Yicai) March 29 -- China's Zhenhua Heavy Industries, one of the world's largest manufacturers of heavy equipment, widened its net profit by 40 percent last year from the year before, thanks to new contracts.

ZPMC earned CNY520 million (USD72 million) in annual net profit while revenue rose by 9 percent to CNY32.9 billion (USD4.6 billion), the Shanghai-headquartered company wrote in its earnings report released today.

Founded in 1992, ZPMC distributes its products to almost 110 countries and regions around the globe.

The company's port machinery business signed USD3.6 billion worth of new contracts last year, up 7 percent. At 70 percent, its quay cranes ranked first in global market share for the 26th straight year.

Moreover, the Chinese firm made some other breakthroughs as Danish shipping and logistics giant Maersk bought its first all-electric straddle carrier made by ZPMC while a hybrid version of the vehicle that can lift containers entered the European market.

The manufacturing industry is accelerating its transformation toward high-end, intelligent, and green development due to global port automation and intelligence upgrades, the firm said. Meanwhile, domestic ports are accelerating group integration, facing intense competition, and placing higher requirements on cost and innovation, it added.

The global political and economic situation is complex and uncertain, partly due to geopolitical factors, ZPMC said. As an export-oriented enterprise, the company's supply chain security, stability, and localized development still face challenges.

The Chinese firm has fended off reports of suspected spy equipment in the United States. The company said repeatedly this month that its cranes are made and delivered by following international standards, laws, and regulations, as well as technical specifications determined by customers after the US Select Committee on the Chinese Communist Party claimed that China-made cranes at US ports contain communications equipment with no apparent purpose or installation record.

Shanghai-listed ZPMC [SHA: 600320] closed up 2.7 percent at CNY3.38 (50 US cents).

Editor: Emmi Laine