BEIJING (dpa-AFX) - China Ceramics Co., Ltd. (CCCL), a Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, reported that its net loss for the second half ended December 31, 2017 narrowed to US$12.4 million from US$51.6 million in the same period of 2016. Loss per share was US$3.66 compared to loss per share of US$ 18.99 last year.
Revenue grew to US$73.2 million from US$66.4 million in the previous year.
Looking ahead to the remainder of 2018, the company expects conditions to slowly improve with a potential expansion in residential land supply, which will ultimately result in real estate development, especially in certain Tier 2 and Tier 3 cities. In addition, the Chinese Government began a program to increase the development of rental homes, affordable housing and housing co-owned by individuals and the state to help stem real estate speculation.
There have also been efforts to develop rural land into rental housing which could help to address housing shortages and stabilize price increases in Tier 1 and Tier 2 cities. These initiatives could lead to additional real estate development and help to offset inventory declines in certain regions.
Copyright RTT News/dpa-AFX