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China XD Electric expects RMB 150 million losses in H1

Jul. 24, 2012 (China Knowledge) - China XD Electric Co<601179>, a high-voltage electricity transmission equipment producer based in Xi'an, Shaanxi Province, announced that it expects to suffer a net loss of RMB 150 million in the first half of this year.

The company realized RMB 35.95 million in net profit in the first six months of 2011, while the basic earnings per share for the period were RMB 0.01.

In a statement filed with Shanghai Stock Exchange, the electricity transmission equipment producer said the loss was mainly due to the overcapacity and lower price.

In the first quarter of this year, China XD Electric saw its net loss increased to RMB 168.31 million, sources reported.

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