By Tracy Qu

Weichai Power's net profit nearly doubled in 2023, despite the weaker global economy.

The Chinese diesel-engine maker's net profit rose 83.8% to 9.0 billion yuan ($1.25 billion) for the year, while revenue increased 22.2% to CNY213.96 billion.

The company said late Monday that it "promoted structural adjustment, as well as transformation and upgrading, and enhanced quality and efficiency" to overcome the weak domestic and international economy in 2023.

It said in a filing that it expects a recovery of the domestic economy and effective policy support in 2024, which would help its business to grow.

Write to Tracy Qu at

(END) Dow Jones Newswires

03-25-24 2036ET