Tianshan Cement forecasts 60-80% drop in 1H profits

Xinjiang Tianshan Cement Co Ltd said last Friday that its net profit fell 60-80 per cent to CNY120m (US$18.8m) in the first half of this year.

The company, which is based in the Xinjiang Uyghur Autonomous Region, stated that the decline in its half-year net profit is largely due to lower cement selling prices and rising financial expenditure, according to reports by China Business Newswire.