Da Ming International (HKG:1090) says that it expects a significant decline in net profit for the year ended 31 December 2011 as compared to the net profit for year 2010.

The expected decline is mainly due to the decrease in market price of stainless steel raw materials leading to an unrealised loss in provision for write-down of inventories as well as the increase in net financial costs incurred during the year ended 31 December 2011.

The group's final results for 2011 is expected to be announced in March 2012.