Shenyang Machine Tool (000410) reported that its net profit declined 43.47 percent year-on-year to 91.67 million yuan in first half of 2011, with earnings per share of 0.17 yuan, reports p5w.net, citing a company filing.

Revenue rose 18.61 percent year-on-year to 5.172 billion yuan during the reporting period.

Shenyang Machine Tool’s net profit fell and was blamed on intense competition in the domestic market. Many machine tool manufacturers from Japan and Germany have entered the Chinese machine tool market in recent years, the report noted.