Summary by Moomoo AI
China Construction issued a profit warning, expecting unaudited equity holders to make a loss of about RMB1,300 million in the first quarter of 2024, a significant increase from the same period in 2023. The loss was primarily due to a decrease in the selling price of cement, commodity concrete and fiberglass, a decrease in the performance of an affiliated company, an increase in foreign exchange losses and an increase in the net loss in fair value of financial assets, although partially offset by cost reductions. The Company reminds shareholders and potential investors to exercise caution when trading. The first quarterly results announcement for 2024 is expected to be released before the end of April. The announcement was made on 17 April 2024 by the Secretary of the Board of Directors, Mr Pei Hongyan.