Sichuan Shuangma Cement adjusted its 2010 net profit estimate, forecasting that 2010 net profit will drop by between 82.4 and 84.3 per cent YoY to between CNY33m and CNY37m (US$5m - US$5.6m).

The company had previously predicted that it will record 2010 net profit of about CNY53m.

According to the company, the lower forecast was due to the provision for impairment losses of CNY28m due to the permanent closure of its No. 6 production line and its branch in Mianyang, Sichuan province.
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