China Oriental Group Expects 50% Drop in H1 Profit

MT Newswires Live08-20

China Oriental Group (HKG:0581) expects at least a 50% decrease in net profit for the six months ended June 30, compared with a net profit of about 276 million yuan the previous year, according to a Monday filing on the Hong Kong bourse.

The downturn is primarily attributed to a decrease in the average selling price of steel products. The company cited weakened demand in the iron and steel industry among other factors.

Additionally, the gap between the cost of raw materials and the selling price of products has widened, resulting in higher production costs. The company also experienced fair value losses on its financial assets, further weighing on its profitability.

The iron and steel business company plans to publish its interim results on or before Aug. 31.

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