Sinoma forecasts 30 per cent decline in orders for equipment

Sinoma forecasts 30 per cent decline in orders for equipment
Published: 20 April 2009

New orders for cement equipment and engineering services supplied by China National Materials (Sinoma) are expected to fall 20-30 per cent this year, according to Shanghai-listed subsidiary Sinoma International, which designs cement plants and makes cement equipment.

The European market for cement equipment and engineering was the hardest hit by the global financial crisis, but Europe accounted for only 13 per cent of Sinoma’s turnover in this sector, said Wang Wei, the president of Sinoma International.

In the first quarter, new orders for cement and engineering services fell 40 per cent year on year to 6.8 billion yuan (HK$7.7 billion), he said.