Summary by Futu AI
Tianshan Cement, a subsidiary of China Building Materials, issued its results forecast on January 26, 2024. Net profit attributable to Tianshan Cement shareholders for the full year 2023 will fall 54.21% to 64.78% compared to the same period last year, ranging from $1.6 billion to $2.08 billion. NET PROFIT AFTER NON-RECURRING LOSSES IS EXPECTED TO DECLINE MORE BROADLY, RANGING FROM 81.51% TO 63.03%, WITH EARNINGS EXPECTED TO BE BETWEEN $5BN AND $10BN. Basic earnings per share are expected to be $0.1847 to $0.2401. The decline in results was mainly due to increased cost controls and a decrease in the price of raw materials such as coal, but weaker market demand and a sharp drop in prices led to a drop in gross profit. THE COMPANY EMPHASIZES THAT THE RESULTS ANNOUNCEMENT IS A PRELIMINARY ESTIMATE, SPECIFIC FINANCIAL DATA WILL BE DISCLOSED IN DETAIL IN THE ANNUAL REPORT AND REMINDS INVESTORS TO BE AWARE OF INVESTMENT RISKS.