Gem-Year Industry Estimated Loss over RMB70 Million in H1

2012-07-23

Gem-Year Industry Co., Ltd. announced that based on the initial prediction of its financial department, the net profit is forecasted to lose RMB73 million in the first 6 months of 2012 while the net profit of the same period in 2011 was RMB105 million. The company stated that the substantial financial loss was due to the postponement and cancellation of the national high speed rail construction. Sharp decline in revenue of main fasteners used in high speed rail construction finally led to the great loss.