Cement producer CNBM expects H1 profit to tumble over 80% due to falling prices, sales

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China National Building Material Co., Ltd. (CNBM) issued a profit warning, expecting its unaudited profit attributable to shareholders for the six months ended June 30, 2023 to slump by about 80% from the same period last year.

The decline is mainly attributable to the decrease in sales prices of its major products cement, commercial concrete and glass fibre, the declines in sales volumes of cement and commercial concrete, the drop in performance attributed by the associates and the reduction in gains on disposal of assets, and the drop in loss of fair value of the financial assets recognised at fair value in the profit and loss accounts, it said.