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CITIC profit warning: Up to 50% drop amid worsening conditions in China

Diversified Chinese conglomerate has issued a profitwarning, advising that it expects a 40% to 50% drop in net profit attributableto shareholders for the six months to June 30, relative to the HK$37.7 billionnet profit booked in the same period a year earlier.

In a July 22 statement, the company said worseningconditions in China have driven down results. Alongside a sluggish Chinese stockmarket and depreciating renminbi, CITIC cited an overall decline in completedand delivered property projects as well as restructured tax payments andexpenses as reasons for the decline. It also said that, on a relative basis, aHK$9.6 billion one-off profit from the disposal of equity interest had drivenup its first-half result in 2015 but that no such position would be recognizedthis year.

Additionally, first-half profits after tax by its associatedcompany CITIC Securities Co.Ltd. are expected to come in lower year over year.

The company will publish its final financial statement forthe half on or before August 31.