CHINA NATIONAL BUILDING MATERIAL COMPANY LIMITED By Jiahui Huang
China National Building Material shares fell sharply after the company guided that it will swing to a first-half loss.
Shares of the Chinese construction-material company dropped 12% to 2.67 Hong Kong dollars (US$0.34) in early trade Tuesday, on track for their biggest one-day loss since August 2015.
The Beijing-based company said late Monday that it expects an unaudited loss of around 2 billion yuan (US$275.2 million) for the first six months of the year, compared with net profit of CNY1.40 billion a year earlier.
CNBM attributed the expected loss to lower selling prices for raw construction materials such as cement, commercial concrete and glass fiber. Lower sales volumes of cement and commercial concrete also likely weighed on the bottom line.
CNBM reported a first-quarter net loss of CNY1.35 billion, widening from CNY526.15 million a year earlier.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
07-08-24 2242ET
