Citic (0267.HKG), the largest state-backed conglomerate in China has announced 17.8% net drop in profit last year due in large part to a HK$13.7 billion (US$1.76 billion) asset impairment charge on its iron ore mining project in Australia, South China Morning Post reported, citing a filing with the Hong Kong Stock Exchange. Excluding the non-cash impairment, profits rose 10% largely thanks to the growth of the conglomerate’s financial services sector. These are the first results to be reported since August of last year, when Citic acquired all the assets owned by parent Citic Group that were not previously public.
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