July 28 -- Shanghai Cimic Tile (002162) filed it lost 65.3 million yuan in the first half despite a revenue increase of 0.4 percent year-on-year to 422 million yuan, reports yicai.com. It made net profit of 6.54 million in the first half of 2010.

Cimic Tile said the losses were caused by lower capacity utilization rate of its new production base in Jiangxi Province. New capacity in Jiangxi piled up fixed assets depreciation in the first half, reportedly raising its production costs.

Cimic Tile is a Sino-British joint venture established in 1993 and produces vitrified and polished tiles.

Source:CapitalVue