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Tianjin Zhonghuan reports huge decrease in H1 profit

Aug. 1, 2012 (China Knowledge) - Tianjin Zhonghuan Semiconductor Co Ltd<002129>, which is principally engaged in the semiconductor industry, saw its net profit hugely decreased by 94.54% from a year earlier to RMB 10.12 million in the first half of 2012.

In a statement filed with Shenzhen Stock Exchange, the company said the depressed economy and semiconductor industry in both domestic and overseas market lowered its profit margins.

In the first half of this year, the company's operation revenue exceeded RMB 1.13 billion, reflecting a YoY decrease of 23.74%.

Meanwhile, in another statement, the company said it had inked a Memorandum of Cooperation with three companies to construct a photovoltaic plant in Inner Mongolia Autonomous Region with installed capacity of 7.5GW before 2017.

Tianjin Zhonghuan will invest 35% to 40% of the total capital and becomes the largest shareholders for the new JV.

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