Qingmei (profit Warning)

Qingmei: issued a profit warning that it expects to incur a loss and report lower sales yoy for 4QFY12. Says this was mainly attributed to, i) sames issues it faced in 3QFY12 (slowdown in domestic mkt due to intensified competition and slowing demand conditions) , ii) cyclical issue of excessive channel inventory for the downstream business, coupled with the Europe crisis. Mgt expects difficult and challenging times ahead for at least 2 more quarters. Notwithstanding, the group expects to remain proftiable for FY12. Results will be out on or before 28 Aug '12. Qingmei is down 9% today at 7 cts, on above avg volume.