TCC International Holdings forecasts 1H16 loss

Hong Kong-based TCC International Holdings Ltd  issued a profit warning, expecting to record a loss for the six months ended 30 June 2016, as compared with the profit of US$10.5m in the year-ago period.

The turnaround was mainly due to the decrease in the average unit selling price of cement, clinker and slag powder in China as compared with the year-ago period as well as an expected foreign exchange loss from US dollar-denominated bank borrowings as a result of the devaluation of CNY.

The Hong Kong cement producer with production units in mainland China will release interim results in August.