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Citic Resources issues profit warning
Here are 2 big reasons for its looming profit decrease.
In a release, Citic Resources Holdings Limited announced that based on information currently available to the Board, the Group is expected to record a material decrease in its net profit for the six months ended 30 June 2013 as compared with that for the six months ended 30 June 2012.
The expected decrease in net profit is principally attributable to (1) weak selling prices of commodities due to the slowdown in the global economy; and (2) an expense of HK$91,498,000 arising from the cash tender offer made by the Group to repurchase part of its US$1,000,000,000 6.75% senior notes due 2014.
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