China: CNBM warns of 70% drop in 2015 profit

CNBM has issued a profit warning, predicting that the net profit for 2015 will be 70 per cent down YoY, mainly attributable to the slowdown in cement demand growth and severe overcapacity in the industry. As a result, the Chinese cement major saw a significant drop in cement prices.

Earlier this week, Huaxin Cement also said it expects 2015 net profit to fall 90-95 per cent YoY due to weak domestic demand, intense competition and a sharp fall in cement prices.