China Shanshui Cement Group has declared a full-year net loss of US$988m for 2015 following a troubled year for the company that included the replacement of its entire board in December.
The losses stem in part from a US$360m write-down of goodwill assets due to "forecasted less satisfactory results of operations of group companies in the foreseeable future and over-payment in the acquisitions of certain cement plants in the past", Dow Jones reports.
Administrative expenses during the year increased by 86 per cent to US$360m, while revenue fell 28 per cent to US$1.7bn.
