State-owned Luoyang expects profit fell to less than 33 million yuan ($4 million) in 2001, Chairman Guo Xiaohuan said in a statement. The company reported a profit of 66 million yuan and sales of 896.17 million yuan the previous year.
Final results have yet to be completed and will be announced mid-April, the statement said.
The company has stock that trades in Hong Kong. Its Hong Kong- dollar-denominated shares fell 2.9 percent to 99 HK cents in early trading. Its yuan-denominated shares, which were halted from trading today, rose by the 10 percent daily limit to 5.63 yuan yesterday.