JINAN-- China National Heavy Duty Truck Group Co Ltd, a state-owned truck manufacturer, Wednesday predicted an annual net profit growth of between 50 and 70 percent for the first quarter of 2019.

In a filing to the Shenzhen Stock Exchange, the truck manufacturer said it expected to make a net profit of 290 million yuan ($43.2 million) to 329 million yuan in the first three months of the year.

The Jinan-based company said the profit growth came amid a steady increase in demand for heavy-duty trucks.

In its annual financial results released in March, the company said its net profit attributable to shareholders reached 905.1 million yuan in 2018, up 0.84 percent year on year.

Meanwhile, the company's revenue increased by 8.22 percent year-on-year to around 40.4 billion yuan last year.

Shares of the company closed 7.82 percent higher at 22.21 yuan Wednesday in Shenzhen, as the Shenzhen Composite Index fell 0.01 percent to 10435.08.