Economy & Market
Fall in Sinoma´s sales revenue led by engineering division
China National Materials Company´s (Sinoma) sales revenue has fallen by 5.8% year-on-year to $3.26 billion in the first half of 2016 from $3.46 billion in the same period of 2015. All three of its business divisions reported falling revenue in the period, led by its cement equipment and engineering services business, which recorded the greatest decline at 8.51 per cent to $1.42 billion from $1.55 billion. Sinoma blamed this on a fall in orders. Its cement business reported a 4.22 per cent fall in sales revenue to $1.2 billion from $1.25 billion. This was attributed to ´intense´market competition and low cement prices. Cement sales volumes rose by 7.61 per cent to 33.5 MT. The company´s overall net profit rose by 2 per cent to $64 million from $62.8 million. However, its net profit attributable to shareholders fell by 30.9 per cent to $46 million from $66.6 million.