China Resources Cement warns of sharp drop in H1 profit

Byyyp

Updated Thu, 28 Jun 2012 00:00:00 GMT

China Resources Cement Holdings warned on Wednesday of a significant drop in first-half net profit due to the country's slowing economy and weaker cement prices.

"Starting from 2012, the market selling prices of cement products in China have continued to drop generally. Inevitably, the selling prices of the group's cement products have been impacted," it said in a statement on the Hong Kong stock exchange.

The company reported net profit of HK$2.05 billion ($264 million) for the first half of 2011.