A record quarterly loss for China’s Zoomlion Heavy Industry Science and Technology Co has raised questions about the company’s ability to make good its offer to buy US manufacturer Terex Corp.

In its first quarter report, Zoomlion revealed it had made a net loss of 660.3 million yuan (US$ 101.50 million). This compares with its loss of 383.4 million yuan ($ 59.01 million) for the same period in 2015.

The report comes just weeks after Zoomlion confirmed its $ 3.4 billion offer to acquire Terex – which subsequently put on hold its own merger deal with Finnish crane manufacturer Konecranes.

Following the report’s publication, Zoomlion shares on the Hong Kong stock exchange fell as much as 2.5%.

The latest figures from Zoomlion follow the company’s earlier report, in March, in which it revealed its annual profit was the lowest in 15 years and that 2015 was the fourth consecutive year in which its profits had declined.

Some analysts in China now doubt the Terex deal will or should go ahead. Xu Mingle, analyst at BOC International, said, “It’s possible that the results will affect the Terex deal.”

John Hu, an analyst with Morningstar, said, “I think Zoomlion’s management should reconsider the Terex deal as its Q1 earnings hit a record low. Is it worth spending so much money on Terex?”

There has been no comment so far from Zoomlion, regarding the potential effect of the latest figures on the Terex bid.

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