Home > Community > China Biz > CITIC Pacific posts HK$12.66 bln in net loss for 2008

CITIC Pacific posts HK$12.66 bln in net loss for 2008

Published: 25 Mar 2009 18:50:45 PST

Mar. 26, 2009 (China Knowledge) - CITIC Pacific<267>, principally engaged in special steel manufacturing and iron ore mining, recorded net loss of HK$12.66 billion in 2008, versus a net profit of HK$10.84 billion in 2007, sources reported.

The Hong Kong-listed company lost HK$14.63 billion on a number of foreign exchange contracts last year, whereas in 2007 it achieved a profit of HK$22 million.

The core business of the enterprise recorded profit of HK$2.22 billion in special steel trade last year, a year-on-year decrease of 21.8%.

In 2008, the firm's real estate sector gained profit of HK$605 million in mainland China, a jump of 156% from a year earlier. Property profit hit HK$360 million in Hong Kong.

Larry Yung Chi Kin, president of CITIC Pacific, said the company's capital expenditure will be between HK$8 billion and HK$10 billion this year.

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