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China National Materials expects 50% drop in H1 net profit

Jul. 3, 2012 (China Knowledge) - China National Materials Co Ltd or Sinoma<1893>, the world's largest provider of cement equipment and engineering services, announced yesterday that it expected its net profit to drop 30% to 50% YoY in the first half of this year.

In the first six months of 2011, the company's net profit was RMB 739 million.

The company said the significant drop in net profit was in part due to a loss from an overseas project.

In 2011, the company's net profit attributable to shareholders of the company surged 32.78% from the previous year to RMB 1.46 billion, with earnings per share at RMB 0.41. Pre-tax profit rose 16.50% to RMB 4.88 billion last year and operating revenue grew 13.95% to RMB 50.70 billion.

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