Sinoma International Ltd announced yesterday that it expected its net profit to drop 30-50 per cent YoY in the first half of this year.

In the first six months of 2011, the company's net profit was CNY739m. 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 CNY1.46bn, with earnings per share at CNY0.41. Pre-tax profit rose 16.50% to CNY4.88bn last year and operating revenue grew 13.95% to CNY50.7bn. (Source: China Knowledge).