Xinjiang Tunhe Investment Co Ltd, one of the three listed companies under the control of embattled private investment firm Xinjiang Delong Group, and its subsidiary Xinjiang Tianshan Cement Co Ltd, said they expect to report net losses for the first six months of this year. In a statement to the Shanghai Stock Exchange, Xinjiang Tunhe said it expects to post a net loss in the first half, due to its poor performance and investment losses. It made a net profit of 17.65 mln yuan in the same period a year earlier.
Xinjiang Tunhe registered a net loss of 20.32 mln yuan in the first quarter, widening from a 19.13 mln loss a year earlier, largely due to investment losses. Xinjiang Tianshan Cement, in which Xinjiang Tunhe is the largest shareholder with a 29.42 pct stake, told the Shenzhen stock exchange that it expects to record massive losses for the first six months, which will have a "huge impact on its financial and operating status". It did not elaborate.
In the first three months of the year, Xinjiang Tianshan Cement recorded a net loss of 27.38 mln yuan, compared with a loss of 22.73 mln a year earlier, on the back of sluggish sales.