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Gem-Year: A RMB 15 Million Loss for the Company Last Year
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2016-02-01
Gem-Year Industrial announced on Jan. 28 (right after the announcement of winning a bid for a rail fastener supply deal on Jan. 27)) that the company may report a turnover loss for the year of 2015 (net profit for stakeholders may drop by RMB 15 million). The net profit of the company in 2014 was RMB 0.137 billion.
Gem-Year said that the loss for 2015 may be due to slowdown of economic growth, continuous decline in steel prices, and the weak market demand that greatly caused the decline in sales of fasteners used in high speed rails.
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