Kingray New Materials Science & Tech Co Announces FY 2011 Net Profit Outlook Below Analysts' Estimate

Kingray New Materials Science & Tech Co announced that it expects its net profit for fiscal year (FY) 2011 to be approximately RMB -80 million to RMB -90 million, compared to that of FY 2010 (RMB 27,942,168.81). The Company cited the increased provision for asset impairment as the main reason for this forecast. According to I/B/E/S Estimates, analysts expect the Company's net profit for fiscal year 2011 to be RMB 51.03 million.