Stock Track | CR Building Materials Plunges 9% on Dismal First-Half Earnings

Stock Track08-19

Shares of China Resources Building Materials Technology Holdings (CR Building Materials) plummeted as much as 9.15% during intraday trading on Monday, following the company's disappointing financial results for the first half of the year.

In a filing with the Hong Kong Stock Exchange on Friday, CR Building Materials reported a staggering 70% drop in its attributable profit for the first six months of 2023. The cement manufacturer's profit attributable to shareholders plunged to 165.8 million yuan, down from 556 million yuan in the same period last year.

The company's revenue also took a hit, declining 14% year-over-year to 10.3 billion yuan from around 12 billion yuan in the first half of 2022. The disappointing financial performance was likely a major factor behind the sharp sell-off in CR Building Materials' shares on Monday.

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