August 15 -- Hainan Ruize New Building Material (002596), a producer of construction materials, posted a 27.59 percent year-on-year decrease in first half 2011 net profit to 32.15 million yuan, with earnings per share of 0.32 yuan, down 3.46 percent, reports p5w.net, citing a company filing.

Sales revenue in the first half fell 3.46 percent to 322 million yuan.

The company attributed the drop in net profit to higher raw material prices and the tightening policies targeting the real estate market.

Source:CapitalVue