Asia Ceramics in the red as sales fall

Asia Ceramics Holdings plunged into the red in the six months to the end of June due to lower sales and gross margins.

The group posts a loss of £49,000 compared with a profit of £209,000 a year ago.

Revenues fell to £4.0m from £5.8m and gross profits dropped to £574,000 from £1.0m.

Chairman Frank Lewis said: "The lower sales and gross margin are due to the current economic climate and competition from other suppliers.

"Export sales have however shown growth in this period, and we looking to achieve further growth in export sales and gross margins in the second half of the year, subject to improving the economic climates. Overall we expect the second half performance of the company to be similar to the first half."

At 9:54am: (LON:ACHP) share price was -1p at 55.5p