CITIC Pacific sees 9pct drop in profit for H1


18/08/2012 08:49 AST  China Knowledge

China Knowledge reported that CITIC Pacific Ltd, the Hong Kong listed arm of China's biggest state owned investment conglomerate, CITIC Group net profit fell 8.82% YoY to CNY 5.48 billion in the first half of this year, dragged down significant declines in profit from steel and energy businesses.

Basic underlying earnings per share decrease by 15 HK cents to HKD 1.5 in the period.

The company operating revenue rose 8.7% YoY to CNY 49.9 billion in H1 of which HKD 39.1 billion was from mainland China, HKD 6.4 billion from Hong Kong and HKD 4.4 billion from other countries. Earnings from investments skyrocketed 16 times YoY to HKD 2.5 billion in the first half, while gain from investment property revaluations dipped 31% to HKD 910 million.

Profit from special steel business plunged 62% to HKD 520 million and that from property business in mainland China dropped 67% to HKD 550 million. The company suffered a loss of HKD 110 million from iron ore mining business compared with HKD 370 million loss in H1 of 2011.

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