News Column

CITIC Pacific H1 Net Down 55%, Still Losing from Iron Mines

August 29, 2014

BEIJING, August 29, SinoCast -- CITIC Pacific Limited (SEHK: 0267) revealed operating profit rising 45.37% from a year earlier in the first half of 2014, thanks to special steel and real estate. But net profit declined 55.1% to HKD 2.005 billion, because of disposable income of HKD 2.417 billion a year ago.

Although iron mines in Australia have begun to export concentrate fines, the company still lost money from iron mines due to increasing interest expenditure.

Profit from special steel was 28% higher than a year earlier. The figure from mainland real estate hiked 58% and that from Hong Kong real estate jumped more than 300%.

CITIC Pacific has acquired majority assets from CITIC Group and changed company name to CITIC Limited, but acquired assets have not been included in latest performance report, generating operating revenue of CNY 118 billion and net profit attributable to shareholders of CNY 19 billion in the first half of 2014.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Sinocast Metals, Mining & Chemicals Beat (China)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters