China Resources Cement Holdings issues profit warning

China Resources Cement Holdings Ltd has issued a profit warning for the six months ended 30 June 2023. According to the company, it expects to report a 63-38 per cent contraction in profit attributable to the owners, compared to the same period in the previous year.

The decline is being attributed to lower selling prices of the group’s products over the six-month period, along with lower sales volumes over the same timeframe, compared with the first six months of 2022. The drop is also being blamed on the one-off gain on disposal of a subsidiary of HKD239.1m (US$30.5m) recognised during the corresponding period in 2022.