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CNBM Warns of Swing to H1 Loss; Shares Plunge 10%

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China National Building Material (HKG:3323) expects an attributable loss of 890 million yuan for the six months ended June 30, compared with an attributable profit of 1.36 billion yuan a year prior, according to a Tuesday Hong Kong bourse filing.

Shares of the building materials maker were down over 10% in Wednesday afternoon trading.

The company attributed the forecast to lower sales prices of major products cement, commercial concrete, and aggregates; a decline in the sales volume of commercial concrete and gypsum board.

Other factors included a higher impairment loss on property, plant, and equipment and goodwill, as well as a wider net loss from fair value changes of financial assets recognized at fair value through profit or loss.

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