China: Huaxin Cement has warned that its net profit is likely to drop by up to 95% year-on-year for the first half of 2016. The Chinese cement producer reported a net profit of US$13.3m in the same period in 2015. It has blamed the situation on a ‘serious’ doemsti cement overcapacity and fierce competition in the main markets that led to the price of cement falling by 11.52%. Adverse weather also contributed to the decline.
Huaxin Cement warns of major loss in first half of 2016
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