China Resources Cement issues 1Q23 profit warning

China Resources Cement Holdings Ltd has issued a profit warning for the first quarter of 2023 ended 31 March. Over the three-month period, the company expects to report a loss attributable to owners of the company of between HKD35m-45m (US$4.46m-5.73m), compared to a profit of HKD729.5m in the same period a year earlier.

The loss has been attributed to the lower selling prices of the group’s products compared to the 1Q22, along with the one-off gain of HKD239.1m from the disposal of a subsidiary in the first three months of 2022.