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China Ceramics Slips To Loss In H1 On Weak Revenues - Quick Facts

China Ceramics Co., Ltd. (CCCL), reported Monday that its net loss for the first half was 5.8 million Chinese yuan or $0.8 million, compared to net profit of 29.5 million yuan or $4.5 million last year.

Loss per share were 2.07 yuan or $0.30, compared to profit of 9.81 yuan or $1.48 a year ago.

Revenue for the six months decreased 1.2 percent to 336.5 million yuan or $49.0 million from 340.6 million yuan or $51.9 million a year earlier.

The year-over-year decrease in revenue was primarily due to the 24.5% decrease in the average selling price of the Company's ceramic tile products to 24.0 yuan or $4.5. This was substantially offset by the 30.8% increase in sales volume to 14.0 million square meters of ceramic tiles.

Looking ahead, Jiadong Huang, CEO of China Ceramics, said, "For the second half of 2017, we anticipate a challenging building materials sector that will continue to be price sensitive and more cyclical than usual due to government pressure to ease demand and stem escalating home prices which could have the effect of slowing or curtailing new real estate projects."

by RTT Staff Writer

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