May 21, 2009 (China Knowledge) - Fujian Cement Inc, a China-based cement and clinker producer, realized investment income of RMB 112 million through the sale of shares in Industrial Bank Co Ltd<601166>, according to a statement the company released on Tuesday.

Fujian Cement sold a total of 4.23 million of shares in Industrial Bank from May 14 to May 15 for RMB 116.93 million at RMB 27.64 per share.

The move resulted in an investment income of RMB 112 million.

After the deal, the Fuzhou-based company revised its net profit forecast for the first half of this year. The company now says it will realize net profit of RMB 15 million due to the share sale, whereas it had predicted a net loss of RMB 45 million to RMB 60 million.

In the first half of 2008, the company reported a net loss of RMB 12.66 million. In the first quarter of this year, it posted a net loss of RMB 41 million.