Hong Kong-listed CIMC has projected a loss of not more than RMB450m ($67.4m) for the January to 30 June 2016 period, a reversal of fortune from the profit of RMB1.52bn in the year-ago period.
“During the first half of 2016, there was a slowdown of China’s economic growth, continuous weak demand from the external economies, continuous downturn of international trade and export, and the increased fluctuation in RMB,” CIMC stated.
“Although the group has implemented various measures for active response, the operating results of the group during the reporting period are expected to still record a substantial decline as affected by the persistent market downturn,” it added.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
