China: China Shanshui Cement Group has reported a loss of US$998m in 2015 compared to a net profit US$53.9m in 2014. Its revenue fell by 28% year-on-year to US$1.73bn. The loss was blamed on a write-down of goodwill assets and an increase in administrative expenses, following a prolonged power struggle between shareholders and management, according to Dow Jones. The Chinese cement producer reported a US$364m write-down of goodwill assets due to forecasted poor results and over-payments for cement plant acquisitions. Administrative expenses increased by 86% to US$359m.
China Shanshui Cement reports loss of US$998m in 2015
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