Hong Kong-based conglomerate CITIC Pacific has announced its financial results for the first half of the current year, registering a decrease in net profit due to the global economic slowdown.
In the given period, CITIC Pacific's net profit amounted to HK$5.48 billion, declining by nine percent compared to the same period of 2011. In the same period, the net profit of its special steel business was HK$524 million, down 63 percent year on year, due to weak market demand both domestically and overseas.
In January-June, 3.87 million mt of special steel products were sold, increasing by 12 percent compared to the corresponding period of the previous year.
Regarding its Sino Iron project in Western Australia, CITIC Pacific stated that the construction of the first production line is complete, but the integrated commissioning and the trial production scheduled for the end of August will be delayed until November following a meeting with China Metallurgical Group Co. (MCC).