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China Architectural 2nd-quarter profit tumbles

Post Time:Sep 07,2009Classify:Company NewsView:372

China Architectural Engineering Inc. said Monday its second quarter profit fell 66 percent, but expressed a more positive outlook of business conditions.

The company, which designs and installs curtain wall systems, earned $2.5 million, or 5 cents per share, compared to $7.6 million, or 14 cents per share in the prior-year quarter.

Revenues from contracts fell 26 percent to $30.6 million - versus $41.4 million in the second quarter a year ago due largely to the fact that CAE halted its large Singapore project.

The company said its top priority in the second quarter was to preserve CAE's financial resources and liquidity.

"We focused on controlling costs and took greater measures to optimize risks associated with overseas opportunities, as we prepare ourselves for an eventual return to growth in the global economy," said Ken Yi Luo, Chairman and CEO of China Architectural Engineering.

CAE had a cash balance of roughly $7 million at the end of the quarter.

Source: forbes.comAuthor: shangyi

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