China Ceramics (NASDAQ: CCCL) this morning posted its Q2 financial results, with revenues impacted by broader market conditions. The Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings reported revenue of US$31.1 million, down 20.6% from the second quarter of 2015. Net profit was US$3.5 million, up 22.4% from Q2 2015. Earnings per share on a basic and fully diluted basis were US$1.30 and US$1.18 respectively. EBITDA was US$4.9 million, down 27.1% from Q2 2015. “For the second quarter of 2016, we experienced challenging market conditions due to the continued slowing in the real estate and building materials sectors. Sales volume declined 21% as compared to the year-ago quarter and fell 31% for the first six months of 2016 as compared to the year-ago six months. However, income derived from a lease contract and a lower tax rate enabled us to achieve a 22% increase in net profit in the second quarter as compared to the second quarter of 2015. Further, our cash flow remained reasonable as we continue to operate in a lean manner and are more focused than ever on generating income,” China Ceramics CEO Jiadong Huang stated in the news release.
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About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic tiles in China. The Company’s ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. China Ceramics’ products, sold under the “Hengda” or “HD”, “Hengdeli” or “HDL”, the “TOERTO” and “WULIQIAO” brands, and the “Pottery Capital of Tang Dynasty” brands, are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors as well as directly to large property developers. For more information, please visit http://www.cceramics.com
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