China National Building Material Shares Fall After Loss Warning
By Yi Wei Wong
China National Building Material Co.'s shares were sharply lower early Monday after the company warned it could swing to a loss in the first quarter.
Shares of the Hong Kong-listed building materials company fell as much as 11% to 5.80 Hong Kong dollars (US$0.74).
The company on Friday warned that it expected to swing to a loss of 550 million Chinese yuan (US$80 million) in the first quarter, from a net profit of CNY1.80 billion in the same period a year earlier.
It attributed the expected first-quarter net loss to lower selling prices of its major products such as cement, commercial concrete and glass fiber.
CNBM's net profit in 2022 had weakened on low cement demand, supply shocks and a dim economic outlook.
Write to Yi Wei Wong at yiwei.wong@wsj.com
(END) Dow Jones Newswires
April 16, 2023 22:20 ET (02:20 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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