Xingda International Holdings Ltd. Provides Earnings Guidance for the Year Ended December 31, 2012
December 2012 was primarily attributable to the following reasons: the decrease in average selling prices of radial tire cords products and sawing wires products in China market due to the price pressure in the industry, which led to gross profit margin erosion; the decrease in government grant received during the year ended 31 December 2012 of approximately RMB 46 million; the provision of deferred tax charge; and the increase in impairment loss recognized on trade receivables.