Stock Track | China National Building Material Plunges on First-Half Loss

Stock Track08-28

Shares of China National Building Material Co Ltd (CNBM) plummeted as much as 6.25% in intraday trading on Tuesday, after the company reported a loss for the first half of 2024.

In its unaudited financial results, CNBM said it generated revenue of RMB83.47 billion for the first six months of the year. However, the company also disclosed an unaudited loss attributable of RMB2.018 billion during the same period.

The substantial loss reported by CNBM, one of China's largest building material companies, has raised concerns among investors about the company's performance and prospects. The negative earnings result appeared to have triggered a sell-off in the stock on Tuesday.

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